stc Group

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Template:Short description

Template:Use dmy dates Script error: No such module "Infobox".Template:Template otherTemplate:Main otherScript error: No such module "Check for clobbered parameters".Script error: No such module "Check for unknown parameters".

The Saudi Telecom Company (shortened to stc; Template:Langx), trading as STC Group provides ICT services in the Kingdom of Saudi Arabia, across the Middle East and Europe.[1] The group offers landline and fixed infrastructure, mobile and data services, and broadband & cloud computing services. It also offers online payments, telecommunications, IOT, 5G, e-gaming, cybersecurity, digital entertainment, and fintech.

History

Saudi Telecommunication Company (stc Group) was established as a Saudi joint-stock company on 21 April 1998 and began operations of telecommunications services throughout Saudi Arabia on 2 May 1998 as a wholly owned entity of the government of Saudi Arabia.[2][3] The group received commercial registration as a Saudi Joint Stock Company on 29 June 1998 under registration No. 1010150269, and closed its initial public offering (IPO) in January 2003.[4] On 11 April 2006, stc approved the increase of share capital from SR $15,000 million to SR $20,000 million through a transfer from the retained earnings to the capital.[5]

The Saudi Digital Payments Company (stc bank) launched in 2017, with official work beginning in 2018.[6]

In December 2019, the company launched a new identity, and the names of its branches in Bahrain and Kuwait were changed from VIVA to stc Kuwait and stc Bahrain.[7] In June 2021, the Central Bank of Saudi Arabia approved the conversion of the Saudi Digital Payments Company (stc Pay) into a digital bank.[8] The company replaced all its 3G networks with 5G in October 2021.[9]

In 2021, Saudi Arabia's Public Investment Fund (PIF) sold 120 million shares in Saudi Telecom Company (stc Group) for $3.2 billion after completing a secondary share offering of stc Group.[10][11]

In February 2022, it was announced that stc subsidiary, TAWAL, has acquired the Pakistani company, AWAL Telecom Private Limited - an independent passive telecommunications tower provider, for an undisclosed sum. AWAL was rebranded as TAWAL Pakistan.[12][13]

In collaboration with Alibaba Group, the Alibaba Cloud was launched in May 2022.[14] Center3, a new digital infrastructure assets company owned by stc Group, was launched in October 2022.[15] The company also completed the first global 1.2T/channel trial in its DWDM optical network.[16]

In February 2023, GO Telecom partnered with the company to provide IoT services throughout stc Group’s network.[17] Microsoft and stc also expanded their partnership that same month to further advance digitalization across Saudi Arabia.[18] It was announced in March 2023 that stc Group would provide the digital infrastructure for the Formula 1 Saudi Arabian Grand Prix, making it the company’s third consecutive year of partnership.[19] Saudi Telecommunication Company's subsidiary TAWAL officially began operations in Europe in August of that year.[1]

In September 2023, it was announced stc Group had acquired a 9.9% stake in the Madrid-headquartered multinational telecommunications company, Telefónica, S.A.. The deal was worth €2.1 billion - making stc Group the company’s largest shareholder.[20][21]

Investment funds

In 2017, the InspireU business accelerator was launched. Since the program’s inception, the InspireU accelerator has supported over 90 digital projects, with investments and financial transactions hitting a market value of $SAR 12 billion. Over 40 million users have benefited from InspireU’s projects.[22]

In 2021, Saudi Arabia's Public Investment Fund (PIF) sold 120 million shares in Saudi Telecom Company (stc Group) for $3.2 billion after completing a secondary share offering of stc Group.[10][11]

The STV Investment Fund, which invests in small and medium-sized companies in communications and information technology, was established in 2018.[23]

In October 2021, stc Group launched 3 data centers in Riyadh, Jeddah, and Al-Madina with a $SAR 1 billion investment.[24]

The company launched its corporate investment fund (CIF) in February 2023. CIF invests in early-stage startups in the cybersecurity, AI, digital gaming, IoT, and blockchain sectors.[25]

As of May 2023, stc Group has invested over $SAR 3.5 billion in social, educational and health initiatives.[26] Its ImpactU program has supported projects with a total value of $SAR 800,000. The program aims to incubate five startups annually and increase the initial investment for each to $SAR 100,000 to drive local economic growth.[27]

Operations

stc Group services are divided into four broad categories:

stc Group also offers two content platforms:

  • stc Play - Gaming and esports platform that allows users to participate in tournaments and access game exporters
  • stc TV - Entertainment streaming service

In 2020, stc Pay earned its electronic money institute (EMI) license. Western Union soon after purchased 15% shares at a $1.3 billion valuation, making stc pay the first and largest fintech unicorn in the Middle East.[29]

The group is currently operating as a conglomerate to manage all assets, subsidiaries and joint ventures by the Saudi Telecom Group. Mohammed K. A. Al Faisal is the current chairman.[30]

Awards

The company is a recipient of the GSMA T-ISAC Award 2024 for Recognition of Excellence and Leadership, whereas, Nauman Khan, Telecom Threat Management Lead Consultant at stc received the GSMA T-ISAC Individual Recognition Award 2024. These awards were presented at the GSMA Mobile World Congress (MWC) 2024 in Barcelona, Spain.[31][32][33][34][35]

References

Template:Reflist

Template:Authority control

  1. ↑ a b Script error: No such module "citation/CS1".
  2. ↑ Script error: No such module "citation/CS1".
  3. ↑ Script error: No such module "citation/CS1".
  4. ↑ Script error: No such module "citation/CS1".
  5. ↑ Script error: No such module "citation/CS1".
  6. ↑ Script error: No such module "citation/CS1".
  7. ↑ Script error: No such module "citation/CS1".
  8. ↑ Script error: No such module "citation/CS1".
  9. ↑ Script error: No such module "citation/CS1".
  10. ↑ a b Script error: No such module "citation/CS1".
  11. ↑ a b Script error: No such module "citation/CS1".
  12. ↑ Script error: No such module "citation/CS1".
  13. ↑ Script error: No such module "citation/CS1".
  14. ↑ Script error: No such module "citation/CS1".
  15. ↑ Script error: No such module "citation/CS1".
  16. ↑ Script error: No such module "citation/CS1".
  17. ↑ Script error: No such module "citation/CS1".
  18. ↑ Script error: No such module "citation/CS1".
  19. ↑ Script error: No such module "citation/CS1".
  20. ↑ Script error: No such module "citation/CS1".
  21. ↑ Script error: No such module "citation/CS1".
  22. ↑ Script error: No such module "citation/CS1".
  23. ↑ Script error: No such module "citation/CS1".
  24. ↑ Script error: No such module "citation/CS1".
  25. ↑ Script error: No such module "citation/CS1".
  26. ↑ Script error: No such module "citation/CS1".
  27. ↑ Script error: No such module "citation/CS1".
  28. ↑ Script error: No such module "citation/CS1".
  29. ↑ a b Script error: No such module "citation/CS1".
  30. ↑ Script error: No such module "citation/CS1".
  31. ↑ Script error: No such module "citation/CS1".
  32. ↑ Script error: No such module "citation/CS1".
  33. ↑ Script error: No such module "citation/CS1".
  34. ↑ Script error: No such module "Citation/CS1".
  35. ↑ Script error: No such module "citation/CS1".
Retrieved from "http://debianws.lexgopc.com/wiki143/index.php?title=Stc_Group&oldid=2612199"