InspireU, STC incubator, announced a partnership agreement with Careem, the biggest car booking provider in KSA. According to the agreement, Careem will provide free rides for the 40 entrepreneurs and members of arbitration committee dealing with “Inspire U”. The agreement is an initiative to support entrepreneurs and innovations as well as telecom and IT projects, as the region is witnessing accelerating growth in investments and innovations.
InspireU, which is fully supported by STC, provide to its joiners opportunities to benefit from consultations and trainings, in addition to providing office spaces and financing, in addition to opening new horizons for the participants among many other supportive initiatives. Careem was launched in 2012, and during the past years it grew over 30% Monthly, the team include 70K Saudi Captains providing the service in more than 50 cities around the Kingdom. "]]>
STC group net income for the 2nd quarter of 2017 increased 7.9% compared to the comparable quarter last year, and for the 1st half of 2017 net income reached SR 4.9 billion an increase of 6.6% compared to same period last year. Earnings Per share for the 1st half of 2017 grew to reach SR 2.45 compared to SR 2.30 for the comparable period 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 Q2 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 half 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, STC sponsored programs contributed to improve operational efficiency leading to improved income and margins. Therefore, net income for the 2nd quarter increased 7.9% compared to the comparable period last year, and for the 1st half of 2017 net income increased 6.6% compared to the comparable period last year.”
Dr. Biyari, added “the whole region is moving towards digital transformation through elements of the fourth industrial revolution, here comes the importance of Governments in the region to provide the right environment and stimulate investment in digital infrastructure required. STC embraced the Kingdom Vision 2030 and the national transformation program 2020 through multiple initiatives, which include deployment of broadband throughout the Kingdom, the company recently signed with the Ministry of communications and information technology, represented by the communications and information technology Commission an agreement to provide high speed broadband with fiber-optic technology, projected cost of up to SR 7.3 billion, designed to deliver broadband to more than 2 million homes across Government plan under the supervision of the Ministry of communications and information technology. Also, STC will continue to invest in promising technologies and digital sectors, particularly in areas that enable the company to benefit from their assets and infrastructure and help enable growth and expansion of investments in different areas, and the latest company announcement establishing $500 million venture capital fund (STV) to strengthen this trend.” "]]>
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. "]]>