stc invests above SAR 5 bln in telecommunications, IT since 2022 start

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stc invested more than SAR 5 billion in the telecommunications and information technology sector since the beginning of 2022.

These investments are in partnership with the Public Investment Fund (PIF) as well as other partnerships. They aim at enhancing the digital infrastructure across the Kingdom and expanding stc’s business, the company noted.

The Saudi telecom giant invested SAR 3.75 billion in MENA Hub, a major digital hub for the Middle East and North Africa. This investment aims to empower the growth of the Kingdom's digital economy.

Moreover, stc invested SAR 894 million with Alibaba Cloud, in partnership with eWTP Arabia Capital, PIF’s Saudi Company for Artificial Intelligence (SCAI), the Saudi Information Technology Company (SITE). The investment aims at establishing a new firm that provides advanced cloud computing services to companies operating in the Kingdom, ensuring that it works with the highest security and protection standards. 

In addition, stc signed an agreement with PIF to establish a new firm with a capital of SAR 492 million, specialized in Internet of Things (IoT), to support adopting these technologies in Saudi Arabia.

The investments included various sectors, including smart cities, national data, e-government, e-commerce, e-learning, digital health, and remote work, to enrich people's digital lives, stc added.

stc is working to build an advanced ecosystem capable of meeting the future needs of the Kingdom, in line with the Kingdom’s endeavors to enhance economic diversification and stimulate investments in the ICT sector.

The company’s investments will provide significant jobs, transfer knowledge and expertise to the Kingdom, enhance local content, and ensure a suitable work environment for entrepreneurs in the region.

Furthermore, the investments reflect the group's future vision and its significant contribution to the digital transformation endeavors in Saudi Arabia, stc added.

The company also noted that, In line with Saudi 2030 Vision, it is committed to enter into partnerships with leading technology companies around the world to attract foreign investments to the Kingdom and to enhance security and other technologies, to establish Saudi Arabia as a leading data-driven economy.

stc stressed the importance of transforming business environments and local communities to be digitally connect in order to achieve an advanced digital economy.