Saudi Telecom Company (STC) secured USD 8.7 billion contract from a government entity to build and operate a major telecommunication infrastructure network in Saudi Arabia. The agreement includes an 18-month period for preparation and execution, followed by 15 years of operational management. This initiative aligns with Saudi Arabia’s Vision 2030 strategy, which focuses on digital transformation and expanding advanced communication networks across the country.
The development involves the construction of a state-of-the-art telecommunication infrastructure network, enhancing connectivity and digital services nationwide. Investments in advanced technologies will support smart city initiatives, 5G expansion, and modern data centers, ensuring high-speed and reliable communication for businesses and residents. Strengthening the digital ecosystem will also attract investments and drive technological advancements, reinforcing Saudi Arabia’s position as a leader in the telecommunications sector.
Saudi Arabia’s telecom infrastructure market, valued at $3.5 billion in 2023, is expected to grow at a compound annual growth rate (CAGR) of 7% by 2029. The rise of smart cities such as Neom and Qiddiya is a major factor fueling this expansion, requiring cutting-edge communication networks to support their digital ambitions. STC’s involvement in this large-scale development will accelerate the Kingdom’s progress in digital connectivity and innovation.
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Source: BNC Project Intelligence
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