solutions inks SAR 309.7M contract with stc

Arabian Internet and Communications Services Co. (solutions) signed, on Oct. 15, a SAR 309.73 million contract with stc, a related party, to establish and develop internet and communications networks for stc.

In a statement to Tadawul, the company said that the 24-month contract seeks to expand internal internet network, new and existing network elements, and internet services projects that serve stc’s business units.

The contract also covers fulfilling business sector requirements by installing data transfer devices, increasing the capacity of internal and international network to accommodate the growth in the 5G services and replacing the old devices that are no longer supported by the suppliers.

This is in addition to increasing the capacity of the infrastructure for virtual broadband devices, establishing an internet infrastructure in the new data centers in Khamis Mushait, Dammam, Qassim, and north Riyadh, as well as supplying, installing, integrating and testing services for equipment, tools, programs and systems.

The financial impact will appear starting from Q1 2025, the statement added.

stc owns 79% of solutions.