The Saudi Telecom Company (STC) contributed a total of SR168 billion ($44.80 billion) to the Kingdom’s GDP from 2000 to the end of 2018, according to STC’s 2018 annual report. The amount comprises government fees paid to the state in addition to the state’s share of annual profits.
The annual report, which was launched last week at the Financial Sector Conference in Riyadh, revealed that STC has maintained its pivotal role in achieving the objectives of Saudi Vision 2030 and National Transformation Program 2020 by enabling digital transformation in the public and private sectors and investing in digitizing the economy in line with its ambitious strategy DARE, which completed its first year — 2018 — with remarkable success.
Speakers at the two-day finance event singled out STC, now in its 20th year, as an inspiring success story of privatizing government institutions in Saudi Arabia. The Saudi Telecom Company was the Ministry of Post, Phone, and Telegraph until 1998, before rebranding to STC in 2008.
Minister of Finance Mohammed Al-Jadaan, Minister of Housing Majid Al-Hogail and SAMA Chairman Dr. Ahmed Abdulkarim Alkholifey visited the STC section of the conference and were briefed on the digital solutions and services offered by the company, in particular through digital platforms such as STC Pay. Khalid bin Abdulaziz Al-Falih, who headed the supervisory committee, awarded STC with a shield for its support of the conference. The award was accepted by Mohammad bin Rashid Aba Al-Khail, director general of corporate communication.
