https://arab.news/zt7db
The growth and expansion plan launched by stc Group at the beginning of the 21st century’s second decade were not just dead letters, but rather a realistic strategy sought by the group as a result of the technical development witnessed in the region. Over the past few years, stc has transformed from a mere company that provides communication and internet services to become a leading digital enabler that is considered the most prominent in the Middle East region. The comprehensive strategy launched by the group had a superlative role in endorsing the digital transformation in the Gulf region, as it sought to diversify investment opportunities. And during the past two years, it has launched many subsidiaries in the fields of cybersecurity, the Internet of Things, artificial intelligence, cloud computing, infrastructure and 5G technologies that serve different Gulf communities and support the region’s digital transformation.
Today, the market value of the stc Group has reached more than SR187 billion ($49.8 billion) and the value of the stc brand is $10.6 billion, according to Forbes. The success story of this development and growth achieved by the group extended to become the main driving force of the communications and information technology sector in both Kuwait and Bahrain.
Bahrain
stc entered Bahrain’s telecom market in 2010 as the third telecom operator in the country. The group quickly became a major driving force for achieving the country’s digital transformation vision, as it captured 41 percent of the market revenues. It became the No. 1 operator in the mobile phone markets, carrier sector customers and operators in Bahrain, as well as the fastest performing company throughout the region and the first in developing local, regional and global networks, through continuous investments in infrastructure development. It was approved as the first commercial operator of the 5G network in Bahrain, in the fields of cybersecurity and cloud computing. The company also provided services outside the scope of communications, including financial services and insurance services, in order to keep up with the requirements of customers’ daily lives.
Kuwait
The beginning of the group’s success story in Kuwait was in 2008. During its first year, it attracted half a million customers, and within only four years it began to achieve profitable returns for investors. With the company’s official listing on the Kuwait Stock Exchange, the volume of retained profits increased. The company eventually acquired a market share of about 36 percent of the sector’s revenues in 2021.
National visions
2019 witnessed the launch of the unified brand in Kuwait, Saudi Arabia and Bahrain. stc also launched an updated strategy that fit the company’s basic objectives during the subsequent years to enable its digital transformation in line with the national visions of each country.
In Kuwait, the country’s Vision 2035 seeks digital transformation among the many goals set by the state, to keep pace with the internet services at all levels. stc had a fundamental role in accelerating the transformation process, as the company’s acquisition of Qualitynet and its transformation into “solutions by stc” helped in enabling the business sector and supporting local projects. It announced the establishment of the 5G Innovation Center in 2019, with the aim of exploring, developing and launching the uses of advanced 5G technologies.
Similarly, in Bahrain, stc is contributing to supporting the country’s Economic Vision 2030.
Future
In Kuwait, the company undertook a major transformation process to meet the needs of customers and enrich their experiences in the information and communication technology field, which was highlighted in the company’s strategy “AHEAD.”
In Bahrain, stc has invested more than $2 billion in developing digital infrastructure. The company has remained at the forefront of launching innovative services in Bahrain, even becoming the first operator to launch 5G technology across the country.