The Saudi Public Investment Fund (PIF) and STC Group have signed a joint venture (JV) agreement to establish a new company, specializing in the Internet of Things (IoT).
The Company’s ownership will be shared equally between PIF and STC, and will be headquartered at Riyadh. The JV is part of PIF’s and STC’s efforts to drive the rapid growth of the IoT across Saudi Arabia and to make it a regional center for the Middle East and North Africa (MENA).
The IoT Company will leverage expertize and technology of existing IoT partners, including STC, and expand to become a ‘one-stop shop’ for IoT solutions.
The Company will contribute toward boosting IoT adoption by being a technology agnostic service provider with solutions offered in the smart industrial manufacturing sector, smart logistics transportation sector, and smart cities.
In addition to providing IoT solutions, the Company will also help create an ecosystem by providing consulting, implementation and training support as well as facilitating innovative funding models to support businesses in their adoption of IoT.
“Internet of things has been identified in STC’s “DARE 2.0” strategy among the five strategic areas of investment. It is at our core and aligns with Saudi Arabia’s digital transformation initiatives, supported by PIF. Together we seek to gradually progress toward becoming a regional center for the connected digital communities in the MENA.”
Mr. Yazeed AlHumied, the Deputy Governor, and Head of MENA Investment at PIF said that “Partnering with STC as one of the National Champions in the Information Communication Technology sector (ICT) will help unlock this promising sector and contribute to PIF’s efforts to localize cutting-edge technology and knowledge in Saudi Arabia and further develop a digital economy, in line with Vision 2030 objectives”.
Saudi Arabia has upgraded its digital infrastructure to be a leading global digital economy. The country is benefiting from advanced fiber, 5G, NB-IoT and other connectivity technologies, putting in place a conducive investment environment for international investors.