Home GCC Saudi Arabia Saudi Arabia’s stc Group secures SAR32.64bn government contract The contract has a duration of 18 months for preparation and execution, followed by 15 years of project operations by Kudakwashe Muzoriwa January 28, 2025 Image credit: Angel Garcia/ Getty Images Saudi telecoms group (stc Group) said on Tuesday that it had secured a contract worth $8.70bn (SAR32.64bn) from a government entity to build, operate and provide telecommunications infrastructure services. The telecom giant said in a bourse filing that the contract has a duration of 18 months for preparation and execution, followed by 15 years of project operations. stc said that the financial impact of the contract would be positive, and revenue will be recognised after the project becomes operational, which is expected to occur in Q4 2026 and continue till the end of the contract. Meanwhile, Saudi Arabia’s Public Investment Fund (PIF) raised SAR3.86bn from selling a 2 per cent stake in stc Group. The fund, which sold 6 per cent of stc for $3.2bn in 2021, now holds a 62 per cent stake in the telecoms group after the offering. Read: Saudi Arabia’s PIF raises $1bn from stc Group stake sale Tags Public Investment Fund Saudi Arabia STC Group Telecoms You might also like Saudi Arabia eases foreign property investments in Mecca, Medina Saudi Arabia ramps up EV charging with new EVIQ-BYD partnership Derayah Financial plans to sell 20% stake in Riyadh IPO Etihad gauges investor interest as Gulf carriers race towards IPOs
