12 Best Middle East and Africa Stocks To Buy Right Now

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9. VEON Ltd. (NASDAQ:VEON)

Number of Hedge Fund Investors: 7

VEON Ltd. (NASDAQ:VEON) is a multinational telecommunication services provider headquartered in Dubai. The company operates in several emerging markets, including Ukraine, Pakistan, Kazakhstan, Uzbekistan, and Bangladesh. VEON Ltd. (NASDAQ:VEON) provides a range of telecommunications services, including mobile and fixed-line communications, digital financial services, and entertainment platforms.

VEON Ltd. (NASDAQ:VEON) is focused on expanding its digital services to drive growth and increase revenue. The company’s digital services, including mobile financial services, entertainment platforms, and healthcare services, have shown significant growth, with direct digital revenues reaching $334 million in the first nine months of 2024, making up 11% of total revenues. VEON Ltd. (NASDAQ:VEON) is also investing in multiple digital verticals, including AdTech, cloud services, and software development, to serve unmet market demand and expand its customer base. The company’s mobile financial services, such as JazzCash in Pakistan, Beepul in Uzbekistan, and Simply in Kazakhstan, have seen significant adoption, with a total customer base of almost 23 million and a 39% year-on-year increase in transactions.

VEON Ltd. (NASDAQ:VEON) is also focused on growing its multiplay customer base, which has shown significant growth, with a 31% year-on-year increase in revenue. The company’s multiplay customers, who use both 4G connectivity and digital products, drive higher revenue generation. VEON Ltd. (NASDAQ:VEON) is expanding its multiplay offerings, including its super apps, which offer a wide variety of services, including healthcare, education, entertainment, and e-commerce. As of Q3, the company’s super apps are serving almost 38 million customers, growing 12% year-on-year.

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