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STC launches $1bn infra business arm to cultivate Saudi Arabia’s data economy

The announcement out of Riyadh comes a time when the Kingdom is lining up to deploy more than US$23 billion into digital infrastructure and supporting energy real estate.

By João Marques Lima

Founder and Editor, The Tech Capital

3 Mins

October 05, 2022 | 3:02 AM BST

STC launches $1bn infra business arm to cultivate Saudi Arabia’s data economy

Prince Mohammad bin Khalid Al Abdullah Al-Faisal, Chairman of the Board of Directors of stc Group, Minister of Communications and Information Technology Eng. Abdullah bin Amer Alswaha, and Eng. Olayan Alwetaid, stc Group CEO. Source: Saudi Press Agency

The Tech Capital

Saudi Arabia’s largest telecom player Saudi Telecom Company (stc) (TADAWUL: 7010) has launched Center3 with an investment value of US$1 billion to promote data economy growth in the Kingdom.

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