37. Olayan Mohammed Alwetaid
Group CEO, STC Group
Origin: Saudi Arabia
Residence: Saudi Arabia
Sector: Telecoms
2024 Rank: 41
Olayan Mohammed Alwetaid continues to lead stc Group’s impressive growth trajectory. In 2024, stc reported a net profit surge of 85.7 per cent year-on-year to SAR24.69bn ($6.59bn), driven by strong subsidiary growth and operational efficiencies.
Revenues climbed to SAR75.89bn, supported by major contracts including a SAR32.6bn telecom infrastructure deal. Under Alwetaid, stc finalised the sale of a 51 per cent stake in TAWAL to PIF, advancing plans to create a global telecom infrastructure giant. Internationally, stc raised its stake in Spain’s Telefónica to 9.97 per cent, securing a board seat.
The group also launched a digital bank and expanded partnerships with Saudi giga-projects. Alwetaid, CEO since 2021, has positioned stc as the Middle East’s most valuable telecom brand, valued at SAR60.4bn in 2024.
