Saudi Telecom looks to buy digital content producer, says Biyari

Saudi Telecom Co. (STC) is planning to acquire a digital content producer in order to expand its investments in this promising market, chief executive Khaled Biyari told Argaam in an exclusive interview on Tuesday.

Saudi Arabia’s economy will get a big boost from the digital economy, he added on the sidelines of Dubai’s GITEX Technology Week 2017.

Digital economy will also extend the global reach of organizations, compared to other conventional means.

“The digital economy is an opportunity to increase the rate of acceleration and growth (of SMEs) in particular,” Biyari said, adding that companies are now reaching a billion dollars in profit in four or five years, in what would have taken 20 years in the conventional economy.

Biyari added that car booking service Careem is one company to have realized this kind of growth.

The Kingdom’s largest mobile operator had earlier formed a $500 million venture capital fund, in a move to grow digital innovation in the region and help the Kingdom achieve the goals of the government’s Vision 2030 program.

STC had purchased a 10 percent stake in Dubai-based Middle Eastern ride-hailing app Careem in December 2016.