TelecomTV TelecomTV
  • News
  • Videos
  • Channels
  • Events
  • Network Partners
  • Industry Insights
  • Directory
  • Newsletters
  • Digital Platforms and Services
  • Open RAN
  • Cloud Native Telco
  • Telcos and Public Cloud
  • The Green Network
  • Private Networks
  • Open Telco Infra
  • 5G Evolution
  • Access Evolution
  • Edgenomics
  • Network Automation
  • 6G Research and Innovation
  • Security
  • More Topics
  • Network Partners
  • Industry Insights
  • Directory
  • Newsletters
  • |
  • About
  • Contact
  • |
  • Connect with us
  • Digital Platforms and Services
  • Open RAN
  • Cloud Native Telco
  • Telcos and Public Cloud
  • The Green Network
  • Private Networks
  • Open Telco Infra
  • 5G Evolution
  • Access Evolution
  • Edgenomics
  • Network Automation
  • 6G Research & Innovation
  • Security
  • Connect with TelecomTV
  • About
  • Privacy
  • Help
  • Contact
  • Sign In Register Subscribe
    • Subscribe
    • Sign In
    • Register
  • Search

Digital Platforms and Services

Digital Platforms and Services

Saudi Telecom Company to establish a company specialized in cloud computing in the Kingdom of Saudi Arabia

Via STC

May 23, 2022

Saudi Telecom Company (stc) announces the signing of a Joint Venture Agreement on 22-05-2022 with eWTP Arabia Technology Innovation Limited Company (eWTPA), Alibaba Cloud (Singapore) Private Limited (Alibaba Cloud), Saudi Company for Artificial Intelligence (SCAI) and Saudi Information Technology Company (SITE) to establish a limited liability company (the New Company) specialized in cloud computing services. The New Company’s business is in line with the expected growth and increasing demand for Public Cloud services and products, and it aligns with stc's expansion and growth strategy, and Saudi Arabia's Vision 2030 for a localized hyperscaler cloud computing. The New Company will be headquartered in the Kingdom of Saudi Arabia.

The New Company’s capital will amount to SAR 894 million upon establishment, and the shares are distributed as follow:

- stc 55%

- eWTPA 27%

- Alibaba Cloud 10%

- SCAI 4%

- SITE 4%

stc will finance its share of this investment, totaling SAR 491.7 million, from its own resources.

The New Company is expected to have a positive overall financial impact on stc in the long term. However, the establishment of the new company is dependent on obtaining customary regulatory approvals, and satisfactory completion of the conditions in the Joint Venture Agreement.

It is worth mentioning that the Public Investment Fund (PIF) is a limited partner in eWTPA through its wholly owned subsidiaries and owns all the shares of SCAI and SITE. PIF is considered a related party as it is the largest shareholder in stc (with 64% ownership) and the Board of Directors following members have indirect interest as a representative of the PIF: H.E Dr. Khaled H. Biyari, Mr. Yazeed A. AlHumied, Ms. Rania M. Nashar, Mr. Arndt F. Rautenberg and Mr. Sanjay Kapoor. Therefore, this transaction shall be subject to a vote to authorize it from stc’s general assembly (which will be scheduled at a later date) in accordance with the relevant laws and regulations.

Related Topics
  • Cloud,
  • Digital Platforms and Services,
  • Middle East & Africa,
  • STC,
  • Telco & CSP,
  • Tracker

More Like This

Digital Platforms and Services

UK’s fractured approach to AI regulation looks risky

Mar 31, 2023

Access Evolution

Huawei Releases 2022 Annual Report: Steady Operations, Sustainable Survival and Development

Mar 31, 2023

Open RAN

What’s up with… SONIC Labs, e&, E-Space, Intel, the FCC

Mar 30, 2023

Digital Platforms and Services

As Alibaba does the splits, will others follow?

Mar 30, 2023

Digital Platforms and Services

EC preps “contentious” mobile tech patent fees plan

Mar 30, 2023

This content extract was originally sourced from an external website (STC) and is the copyright of the external website owner. TelecomTV is not responsible for the content of external websites. Legal Notices

Email Newsletters

Stay up to date with the latest industry developments: sign up to receive TelecomTV's top news and videos plus exclusive subscriber-only content direct to your inbox – including our daily news briefing and weekly wrap.

Subscribe

Top Picks

Highlights of our content from across TelecomTV today

10:43

MWC23 interview: Mari-Noëlle Jégo-Laveissière, deputy CEO of Orange

12:45

MWC23 interview: Abdu Mudesir, Group CTO, Deutsche Telekom

9:26

MWC23 interview: Greg McCall, Chief Networks Officer, BT

TelecomTV
Company
  • About Us
  • Media Kit
  • Contact Us
Our Brands
  • DSP Leaders World Forum
  • Great Telco Debate
  • TelecomTV Events
Get In Touch
[email protected]
+44 (0) 207 448 1070
Connect With Us

  • Privacy
  • Cookies
  • Terms of Use
  • Legal Notices
  • Help

TelecomTV is produced by the team at Decisive Media.

© Decisive Media Limited 2023. All rights reserved. All brands and products are the trademarks of their respective holder(s).