Saudi Telecom Company (STC) has signed a significant contract worth SR32.64 billion with a Saudi government entity for the development, operation, and provision of telecommunications infrastructure services over a 15-year period. The company did not disclose the name of the awarding government entity.
The project will span 18 months for preparation and execution, followed by 15 years of operational management. STC has also reported strong financial performance, with nine-month revenues of SR56.6 billion and a net profit of SR11.2 billion for 2024.
This deal underscores STC’s commitment to advancing Saudi Arabia’s digital transformation, with continued investments in digital infrastructure such as 5G, fibre optics, and data centers. The company is also expanding its capabilities in cloud computing, Internet of Things (IoT), fintech, and cybersecurity, further supporting the Kingdom’s digital ambitions.
