STC to allocate 15% of its procurement budget for SMEs

Saudi Telecom Co. (STC) has signed a memorandum of understanding (MoU) with the kingdom’s General Authority for Small and Medium Enterprises to allocate 15 percent of its procurement budget for small and medium enterprises (SME), effective immediately, the ministry of investment said in a statement on Thursday.

Under the MoU, they will cooperate to enhance the SMEs’ competitiveness, flexibility and their contribution to the kingdom’s GDP.

The two parties agreed to set up a follow-up committee that will provide SMEs with the best information and communication technologies (ICT) such as cloud computing.