The largest telecommunications operator in Saudi Arabia, Saudi Telecom Company (STC), announced on Tuesday the signing of a contract with a government agency for a total of 32.64 billion riyals ($8.7 billion) for "construction, operation, and provision of telecommunications infrastructure services," Reuters reported.
According to the company's disclosed information on the market (Saudi Stock Exchange), "the contract term consists of 18 months for preparation and implementation, for which the last 15-year period of project operation follows." STC added that "the financial effect will be positive, and revenue will be reflected in its agreed financial reports after the initial launch of the project, which is planned to start in the fourth quarter of 2026 and until the end of the contract term."
Quote from the official statement of STC: "We are pleased to conclude this contract and are proud to participate in such a key project for the development of telecommunications infrastructure in the Kingdom, which reaffirms our role in supporting modernization and growth in this sector."
