- Saudi Telecom Company (STC) has finalized a major agreement worth 309.7 million riyals ($82.5 million) with its subsidiary, Arabian Internet and Communications Services Company (Solutions), to enhance its internet and communications networks. The two-year contract focuses on developing the internet infrastructure across STC’s network of data centers in Saudi Arabia.
- As the majority stakeholder, STC holds a 79% share in Solutions. The partnership aims to strengthen STC’s technological capabilities, with Solutions tasked with setting up advanced internet infrastructure that will support STC’s growing network and data services across the kingdom. This deal further cements STC’s commitment to expanding its digital infrastructure to meet the increasing demand for reliable and efficient connectivity in Saudi Arabia.
Why it matters
The deal between STC and Solutions aims to enhance the internet and communications infrastructure across STC’s data centers. This supports the broader goal of modernizing Saudi Arabia's digital ecosystem, a key part of the country's Vision 2030 initiative to diversify its economy and reduce its dependence on oil.
