stc Group

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Saudi Telecom Company
STC Group
Native name
شركة الاتصالات السعودية
Company typePublic
Tadawul: 7010
IndustryTelecommunications
Founded21 April 1998; 28 years ago (1998-04-21)
Headquarters
Riyadh
,
Saudi Arabia
Area served
  • Saudi Arabia
  • Bahrain
  • Kuwait
Key people
Products
RevenueSAR 75.893 million (2024)[2]
SAR 24.689 million (2024)[2]
Total assetsSAR 160.638 million (2024)[2]
Number of employees
19,863[3]
Divisions
  • Channels by stc
  • Solutions by stc
  • Specialized by stc
  • CCC by stc
  • Sirar
  • Aqalat
  • Integral
  • Stc KSA
  • Telecom Towers Company Limited (TAWAL)
  • Stc bank (stc pay)
  • IOT squared
  • Center3
  • Saudi Cloud Computing Company
    (SCCC Alibaba Cloud)
Subsidiaries
  • stc Kuwait
  • stc Bahrain
ASN
  • Lua error in Module:WikidataCheck at line 29: attempt to index field 'wikibase' (a nil value).39386
Websitewww.stc.com

The Saudi Telecom Company (stc; Arabic: شركة الاتصالات السعودية), trading as STC Group, provides ICT services in the Kingdom of Saudi Arabia, across the Middle East and Europe.[4] 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

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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.[5][6] 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.[7] 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.[8]

The Saudi Digital Payments Company (stc bank) launched in 2017, with official work beginning in 2018.[9]

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.[10] In June 2021, the Central Bank of Saudi Arabia approved the conversion of the Saudi Digital Payments Company (stc Pay) into a digital bank.[11] The company replaced all its 3G networks with 5G in October 2021.[12]

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.[13][14]

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.[15][16]

In collaboration with Alibaba Group, the Alibaba Cloud was launched in May 2022.[17] Center3, a new digital infrastructure assets company owned by stc Group, was launched in October 2022.[18] The company also completed the first global 1.2T/channel trial in its DWDM optical network.[19]

In February 2023, GO Telecom partnered with the company to provide IoT services throughout stc Group’s network.[20] Microsoft and stc also expanded their partnership that same month to further advance digitalization across Saudi Arabia.[21] 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.[22] Saudi Telecommunication Company's subsidiary TAWAL officially began operations in Europe in August of that year.[4]

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.[23][24]

Investment funds

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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.[25]

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.[13][14]

The STV Investment Fund, which invests in small and medium-sized companies in communications and information technology, was established in 2018.[26]

In October 2021, stc Group launched 3 data centers in Riyadh, Jeddah, and Al-Madina with a $SAR 1 billion investment.[27]

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.[28]

As of May 2023, stc Group has invested over $SAR 3.5 billion in social, educational and health initiatives.[29] 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.[30]

Operations

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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.[32]

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.[33]

Awards

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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.[34][35][36][37][38]

References

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