Riyadh – Mubasher: Saudi Telecom Company (stc) inked a strategic partnership agreement with New Murabba, a subsidiary of the Public Investment Fund (PIF), according to a press release
The partnership aims to improve and facilitate the implementation of advanced communications and information technology at New Murabba by leveraging stc’s wide range of digital solutions.
The Saudi telecom group intends to support digital and technical transformation across key projects in the Kingdom, which will strengthen infrastructure and digital services within its real estate sector.
In line with the Kingdom’s objectives and sustainable development goals, New Murabba and stc will join forces to drive innovation and evolve the quality of life.
Moreover, the collaboration anchors stc’s commitment to reinforcing the real estate and tourism sectors in Saudi Arabia in addition to enhancing smart technology services in new urban developments.
The alliance covers the potential implementation of all projects related to communications and information technology infrastructure. It also includes the deployment of the listed company’s innovative digital solutions, such as the Internet of Things (IoT), AI, cloud services, and cybersecurity.
Michael Dyke, CEO of New Murabba, said: “Our strategic partnership with stc Group will position New Murabba as a pioneering urban development that enhances the quality of life and serves as a global example of innovation and sustainability.”
STC Bank recently joined the 24 Fintech conference as a Founding Partner and announced plans to launch its commercial services later this year.
In the six-month period that ended on 30 June 2024, the net profits of stc increased by 7.73% to SAR 6.59 billion from SAR 6.11 billion a year earlier.
