RIYADH: As the world embraces the most tech-savvy era, Riyadh-based solutions by stc has managed to make digitalization more relevant in Saudi Arabia.<\/p>\n
Worth over SR24 billion ($6.4 billion), the company leverages modern techniques to enrich its portfolio with innovative products and services, aimed at revolutionizing traditional businesses.<\/p>\n
The company known as 'solutions by stc' took a leap last year when it struck a stellar initial public offering on Saudi Arabias main stock index TASI.<\/p>\n
It has seen strong interest from investors regionally and globally, after raising SR3.6 billion in an IPO, which the companys CEO Omar Al-Noamani said would position the company as a top digital enabler in the region.<\/p>\n
Investor bids in the IPO surpassed the offered shares by 130 times, attracting more orders than oil giant Saudi Aramcos offering, Bloomberg reported.<\/p>\n
The dividend policy, which is yet to be announced, will depend on performance evaluation and growth rates, Al-Noamaniearlier told CNBC Arabia in an interview.<\/p>\n
Since its stock market debut, solutions by stc has closed in on major milestones.<\/p>\n
Shares have soared 22 percent since then, to reach SR202 on Jan. 27, 2022.<\/p>\n
It posted more than a 14 percent increase in profits in the first nine months of 2021, compared to a year earlier, up to SR718 million, and revenues hit SR5.76 billion in the same period.<\/p>\n
The company has also secured several contracts worth millions of riyals. One of many is a SR201 million deal with Saudi Telecom Co. to build a data center inNEOMs Telco Parks digital platform.<\/p>\n
On a broader scale, Saudi Arabias information and communications technology sector has a strong prospect for growth. It hit a volume of SR33.8 billion in 2018 and is forecasted to reach SR53.1 billion by 2025, according to stc.<\/p>\n
Amid a sectoral boom, the Kingdom was ranked first among 140 nations for its digital competitiveness in 2020.<\/p>\n
It beat France, China, and Indonesia to claim the top spot among the G20 member states, after being named Top Digital Riser, a statement by Saudi Press Agency revealed.<\/p>\n
The local ICT industry represents a key driver of Vision 2030 blueprint for economic and social reform, as it helps Saudi diversify away from oil and brings it closer to becoming the future digital hub.<\/p>\n
The Riyadh-basedsolutions by stc, formally known as Arabian Internet and Communications Services Co., represents the internet services arm of the Kingdoms largest telecom operator, Saudi Telecom Co.<\/p>\n
It is 79 percent owned by stc and holds a market share of 13 percent in the local ICT sector, according to its website.<\/p>\n
Saudi Telecom Co. owns and manages a tech venture capital fund that empowers entrepreneurs across the GCC, wider MENA region, and Turkey to set up technology businesses.<\/p>\n
Headquartered in Riyadh, STC Ventures, or STV, marked the Middle Easts largest venture capital fund when it was established with a size of $500 million.<\/p>\n
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Saudi Arabia attracts $2bn investments in cloud computing in the past two years - Arab News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" RIYADH: As the world embraces the most tech-savvy era, Riyadh-based solutions by stc has managed to make digitalization more relevant in Saudi Arabia. Continue reading