STV being established with $500 million from STC
The company has intentions to be a serious world-class player in the space and today STV has been approved with a size of $500 million, making it the largest institutional technology venture capital fund in the Middle East. STV will have complete independence and will deploy independent governance and operational models that are designed in accordance with international best practices allowing it to leverage STC’s assets to enable its investments and the surrounding ecosystem to grow and scale. STV will be managed by a leading team of top regional and international talent in this field.
"We are very proud of this historic step by STC, which will be a pivotal turning point for the region's technology ecosystem," said Dr. Khaled Biyari, Chief Executive Officer of STC. "Global telecoms have two choices - to either change and evolve into digital companies or to convert into a utility. We have elected to go down the first route. STC has the potential, resources and strategic assets to make a quantum leap in the technology and entrepreneurial sectors it is working on transforming,” Biyari added.
"We believe the region can create its own future and we will invest in the next generation growth engines that will make this happen," said Abdulrahman Tarabzouni, Chief Executive Officer of STV. "The centers of gravity for growth and value across the world’s economies and industries will undergo profound transformations due to technology disruptions, and we believe STV will create value for STC and the region amidst these transformations.”
May 25, 2017 12:00:00 AM Asia/RiyadhAs first service provider in the Middle East and North Africa, STC announces the successful trial of innovative 5G technologies
Saudi Telecom Company (STC) and Huawei jointly announce the successful trial of the first 5G innovative Massive MIMO network in MENA region. STC completed the testing of the latest 3.5GHz Massive MIMO technology, which is considered as a corner stone technologies enabling core 5G services. It uses a large number of antennas and beam forming to enhance spectrum multiplexing among multiple user equipment (UEs) to improve the end user experience.
The new 5G technologies aim at providing huge capacity, better spectral efficiency and lower latency. Widespread 5G connectivity will eliminate information islands, boost the prosperity of a digitalized sharing economy, promote changes to existing production methods and lifestyles. Massive MIMO increases the cell capacity without the need for extra spectrum or additional new sites.
Eng. Nasser Al Nasser, Technology & Operations SVP, said: “STC is committed to continuous innovation to provide the best network and services for our deserving customers in the modern digitalized society. This 5G partnership with Huawei is one step forward towards enabling the establishment of 5G networks and pioneering the launch of new 5G services in KSA. Continued Cooperation between STC and Huawei will surely expand the commercial use of 5G and explore further innovations, paving the way to 5G commercial deployments.”
Edward Deng, President of Huawei Wireless Network, said: "I believe that continuous technology innovation and open collaborations is the key to a successful launch of 5G network and service. As strategic partners, Huawei will continue to cooperate with STC to make strategic investments in 5G technology research and industrialization to make sure STC maintains its pioneering position in the region."
STC is always committed to introducing cutting-edge technologies to fully explore the highest potential of its network resources. This deployment resulted in improvement in network performance and consequent enhancement in user experience. This landmark achievement allowed STC to assume its technology pioneering role and explore further communications innovations through the commercial deployment of 5G technologies.
May 16, 2017 12:00:00 AM Asia/RiyadhSTC Net Income for the 1st quarter increased 5.4% to reach SR 2.5 billion compared to the same quarter last year, and distributes SR 1 per share dividends for the 1st quarter
Saudi Telecom Company (STC) today announced the company’s interim financial results for the period ending at 31 March 2017
STC group net income for the 1st quarter of 2017 increased 5.4% compared to the comparable quarter last year, and increased of 21.3% compared to the immediate prior quarter. Earnings Per share for the 1st quarter grew to reach SR 1.26 compared to SR 1.20 for the comparable quarter last year.
In accordance with the approved dividend policy for three years starting from the 4th quarter 2015 which was announced on 11 November 2015, and have been ratified during the General Assembly Meeting on April 4th 2016, STC will distribute a total of SR 2,000 million in cash dividend for Q1 2017, representing SR 1 per share.
Commenting on the results, STC Group CEO, Dr. Khaled H. Biyari, stated: “The financial results achieved for the 1st quarter of 2017 reflects the efforts being made to constantly evolve, improve and develop the company’s strategy and operations and achieve the best returns for the shareholders. Despite the various difficulties facing the sector, company sponsored programs contributed to improve operational efficiency and cost control leading to improved income and margins. Therefore, net income for the 1st quarter increased 5.4% compared to the comparable period last year. Also, net income for the quarter increased 21.3% compared to the immediate prior quarter as the company managed to reduce the cost of revenues by 4.3% and reduce operating expenses by 13.6% compared to the previous quarter.”
Dr. Biyari, added: "STC continues to invest in digital platforms to provide unique and innovative services to customers, both individuals and businesses. This goes along with the world economy direction towards the digital economies, also comes under the Kingdom's Vision 2030 and the national transformation plan 2020 and its pursuit of serious transition to the digital economy because of its positive impact on people's lives in health, education, cultural aspects and everything that touches people's lives. The company operates through an integrated program of digital transformation for all internal processes, in addition to digitizing various services both in service delivery and after sales services. As an example, the company recently launched "JAWWY" as an innovative mobile service that provides integrated digital platform for STC customers. In this context, the company also had several meetings with different sectors in the Kingdom to achieve homogeneity of employing modern technology with these sectors both in terms of health, education, financial transactions and other sectors. STC is going in this direction, and monitor the great progress in digital communications and its impact on changing the nature of the Telecom sector. Hence the importance of STC's vision, to continue to adopt initiatives to invest in the development of non-traditional communications infrastructure, especially the transition to digital services, cloud computing services and managed data services with great emphasis on information security.”
May 07, 2017 12:00:00 AM Asia/RiyadhDr. Abdullah Bin Hasan Alabdulqader is the STC’s Chairman of the Board of Directors
Saudi Telecom Company (STC) announced Dr. Abdullah Bin Hasan Alabdulqader as the STC's Chairman of the Board of Directors during the first meeting in its sixth session that been held on the evening of Monday, 15/7/1436 H corresponding to 04/05/2015 AD, and naming the Sub-committee depending on the functions and the approved authorities.
It is worth mentioning that Dr. Abdullah bin Hassan Alabdulqader is a member of number of other boards of directories and commissions. He is a head of Advisory Committee in the Capital Market Authority, and a member of Quality of Assurance Committee in the Organization for Certified Public Accountants. Dr. Alabdulqader worked as a professor at King Fahd University of Petroleum and Minerals, and was a member first Council administration of STC, and was a member of the first board of the Capital Market Authority, and Dr.Alabdulqader holds a Bachelor and Master of Business administration from King Fahd University of Petroleum and Minerals, and a PhD from the University of Colorado, USA.
May 05, 2015 12:00:00 AM Asia/Riyadh
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