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  • stc, Saudi Railway Company Partner to Elevate National Cybersecurity

    stc group has announced a strategic partnership between its subsidiary, sirar by stc, and the Saudi Railway Company (SAR), the owner and operator of railway networks in Saudi Arabia. This collaboration is set to revolutionize the realm of Information Technology and technological innovation within the Kingdom's critical infrastructure. This will facilitate an alliance for a strategic move to deepen the national expertise in cybersecurity and technology within critical infrastructure sectors.

  • STC reportedly drops plan to up stake in Spain’s Telefonica to 9.9%

    Saudi telecoms group STC is seeking to keep its current 4.9% stake in Spain's Telefonica and no longer plans to convert the 5% it holds in derivatives into voting shares, El Economista newspaper reported on Monday, citing people familiar with the operation.

    Telefonica and STC declined to comment on the report. The Spanish government also had no immediate comment.

    In September, Saudi Arabia's largest telecoms operator amassed a 9.9% stake worth 2.1 billion euros ($2.23 billion) in a move to become Telefonica's top shareholder, though it added it did not intend to acquire control or a majority stake.

  • Stc Group acquires a 9.9% interest in Telefónica

    stc Group announces that it has acquired a 9.9% interest in Telefónica S.A. ("Telefónica"), one of the largest telecommunications companies in the world with significant presence in Spain, Germany, the UK, and Brazil, for a total consideration of SAR 8.5 billion (EUR 2.1 billion).

  • Stc Group to sponsor Saudi Esports Federation events

    Stc Group’s gaming and tournament platform, Stc Play, will become a sponsor of several esports events taking place in the Kingdom throughout 2023. Tournaments include Gamers8: The Land of Heroes, the Saudi League and the SEF Awards.

  • Yemen: Saudi Arabia to form council to run Aden, counter STC 

    The formation of "the Aden Board of Directors" is seen as a similar development to the Hadramaut National Council (HNC), established in Riyadh last month following an earlier convention hosted in the kingdom involving political and tribal leaders from the southern governorate to discuss the issue of self-administration of the oil-rich region.

  • Jada Fund of Funds invests in Investcorp’s $500 million Saudi pre-IPO growth fund

    The Fund was launched last year to invest in a diversified portfolio of companies, primarily based in Saudi Arabia that are targeting to access the public capital markets over the next few years. Last August, Investcorp led a $100 million Pre-IPO funding round in TruKKer, MENA’s largest digital freight network, with over 45,000 trucks inducted on its platform. This was followed by the Fund’s investment in NourNet, one of Saudi Arabia’s leading ICT companies, with over 1,200 B2B clients operating across over 20 industries.

  • Investcorp to Invest $1 Billion in Saudi Arabian Real Estate

    Investcorp Holdings, one of the largest asset managers in the Middle East, plans to invest as much as $1 billion in Saudi real estate over the next five years to tap an anticipated property boom in the kingdom. The Bahrain-based investor, which manages over $40 billion in assets, has already acquired a logistics warehouse in Dammam in the east of the kingdom, and has identified a further $100 million in potential deals, it said in a statement.

  • Investcorp plans Saudi real estate deal before year-end

    Bahrain-based Investcorp plans to close a Saudi real estate deal before the end of the year, senior executives at the alternative investments firm said on Thursday. The acquisition of warehouses in Saudi Arabia will be announced in the coming weeks, the executives told Reuters, without giving any details on the size of the investment. Investcorp, which had $10 billion in real estate assets under management at the end of June, has followed a strategy of investments into real estate sub-sectors which have shielded its portfolio from global market volatility and COVID-19.

  • Saudi Wealth Fund PIF Offers to Buy Stake in $5.8 Billion STC Towers Unit

    The Public Investment Fund has offered to buy a majority stake in the telecom towers unit of Saudi Arabia’s largest phone company, the next step in its ambition to create a cellular tower behemoth in the kingdom. The PIF made a non-binding offer to Saudi Telecom Co. for 51% of Telecommunications Towers Co, according to a statement on Monday. STC is assessing the offer for Tawal and said the entire business has been valued at $5.8 billion on a cash- and debt-free basis.

  • STC to Spend $1 Billion to Make Saudi Arabia Regional Data Hub

    Saudi Telecom Co., the Middle East’s most profitable mobile operator, plans to spend about $1 billion to transform the kingdom into a regional data hub, and may sell a stake in its Center3 business to finance the plans. The investment over the next five years by Center3, as the data unit is known, would help Saudi Arabia host more media, gaming and corporate data, according to Mohammed Alabbadi, STC’s chief carrier and wholesale officer and chairman of Center3. It would also follow an initial investment of $1 billion on building data centers and submarine data cables.