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  • Saudi IT firm solutions by stc gets approval to acquire Egypt’s Giza Systems

    Arabian Internet and Telecommunication Co., known as solutions by stc, received approval from Saudi Arabia’s General Authority For Competition to buy a $158 million stake in Egypt's Giza Systems Co., a bourse filing revealed. The Saudi-listed company had earlier entered a binding deal for the takeover of an 89.49 percent stake in Giza Systems in addition to 34 percent of its unit, Giza Arabia.

  • sirar by stc and Fintech Saudi sign an agreement to provide a discounted digital signature service package

    In a bid to support small and medium enterprises (SMEs), fintech companies, and entrepreneurs, sirar by stc and Fintech Saudi sign an agreement to provide a discounted digital signature service package Under the patronage of his excellency the Governor of Digital Government Authority, Eng. Ahmed bin Mohammed Alsuwaiyan, the cutting-edge cybersecurity company sirar by stc signed an agreement with Fintech Saudi, in the presence of the Undersecretary of the Ministry of Communications and Information Technology for the Technology sector Mr. Ibrahim Al-Nasser; the Deputy Governor of the Communications and Information Technology Commission for the Information and Emerging Technologies' sector Mr. Raed Al-Fayez; Deputy Governor For Development and Technology at Saudi Central Bank, Mr. Ziad Al-Yousef; and the Deputy Strategy & International Affairs at Capital Market Authority, Mr. Yazeed AlDemaigi.

  • Saudi STC raises number of 5G sites by 132%, records 55% increase in network usage on day of Tarwiyah

    The volume of stc network usage increased after the arrival of pilgrims in Mina from the early morning hours of the eighth day of Dhu Al-Hijjah 1443 AH, Day of Tarwiyah, where the rate of pilgrims’ movement in Mina until noon exceeded more than 55% compared to the same hour in previous years, the number of 5G sites in Makkah, Madinah and holy site raised by 132%.

  • STC Group and Alibaba to set up $238m Saudi cloud services venture

    Saudi Telecom Group, the kingdom's biggest mobile operator, and China's Alibaba Group have teamed up to establish a cloud computing venture in the Arab world's biggest economy at an investment of 894 million riyals ($238m). The new company aims to boost knowledge transfer in Saudi Arabia, contribute to job creation, increase investment opportunities in the cloud computing sector, and support the kingdom's economic diversification agenda, STC said in a statement on Wednesday.

  • S&P upgrades outlook of Saudi firms SEC, Sabic and STC to positive on state support

    S&P Global Ratings revised the outlooks of Saudi Electric Company, Saudi Basic Industries and Saudi Telecom Company to positive from stable, citing the state support they receive.

  • Saudi sovereign fund, stc form company focused on Internet of Things

    The new company, which will be headquartered in Riyadh, will be owned 50% by the PIF and 50% by stc.

  • Bahrain’s Investcorp acquires 64 industrial properties worth $640m in the US

    Bahrain’s Investcorp, an alternative assets manager, has acquired 64 industrial properties in the US for $640m. The properties total approximately 5.6 million square feet across seven major US markets including Chicago, Illinois; Dallas, Texas; the New York metro; Atlanta, Georgia; Houston, Texas; Philadelphia, Pennsylvania and St. Louis, Missouri.

  • Saudi’s STC plans spin off of data center and cable business

    Saudi Telecom Company (STC) has announced that it will separate its data center business into a new wholly-owned subsidiary. STC said it intends to transfer its data centers, international submarine cables, and international points of presence assets to the new company valued at approximately SAR 2.1 billion ($559.7m).

  • First-of-its-kind Fully Marketed Secondary Offering of Shares in stc

    This transaction represents the first fully marketed secondary offering by a company listed on the Saudi Stock Exchange (Tadawul). The offering raised SAR 12 billion (approximately US$3.2 billion) for PIF, making it the largest equity capital markets transaction in the Kingdom of Saudi Arabia since the IPO of Saudi Aramco and the largest secondary follow-on transaction in EMEA in the last three years.

  • Saudi Arabia’s sovereign fund raises $3.2bn from sale of STC stake

    The secondary public offering, the first of its kind in the Saudi Capital Market, is the largest equity capital markets transaction in the kingdom since the IPO of Saudi Aramco. It is also the largest secondary follow-on transaction in Europe, the Middle East and Africa in the past three years, and the largest secondary follow-on transaction in Central and Eastern Europe, the Middle East and Africa in about 10 years.