Saudi’s STC signs joint venture agreement to set up cloud computing service…


STC of Saudi Arabia Signs Joint Venture Agreement to Establish Cloud Computing Services Company

Published: 05/22/2022 12:46 GMT
Alibaba Group Holding Ltd – ADR (BABA) – Signed joint venture agreement.
Agreement with Ewtp Arabia Technology Innovation Limited, Alibaba Cloud (Singapore) Private Limited.
Agreements also with Saudi Company for Artificial Intelligence and Saudi Information Technology Company.
The capital of the new company will be 894 million Sars upon inception.
The new company’s business is in line with expected growth and increasing demand for public cloud services and products.
Stc will fund its share of this investment totaling Sar491.7 million from its own resources.
The new company’s business is in line with Stc’s expansion and growth strategy and Saudi Arabia’s 2030 vision for hyperscale localized cloud computing.
The stake is divided between Stc 55%, Ewtpa 27%, Alibaba Cloud 10%, Scai 4% and Site 4%.

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