Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth

Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth
Strategic partnerships with leading space agencies and organizations propel the Kingdom’s space aspirations to new heights. (Shutterstock)
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Updated 10 June 2024
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Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth

Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth
  • Vision 2030 envisions the Kingdom as a formidable player in space exploration and technology

RIYADH: Space exploration has transitioned from being solely government-driven to becoming an essential element of our everyday lives, significantly enhancing our quality of life. 

Saudi Arabia is charting a course toward the stars, propelled by an audacious vision that extends far beyond terrestrial boundaries. Vision 2030 envisions the Kingdom as a formidable player in the global arena of space exploration and technology. 

In an interview with Arab News, Amar Vora, head of space at Serco Middle East, noted that the genesis of Saudi Arabia’s cosmic aspirations can be traced back to 1985, with the historic journey of Saudi Prince Sultan bin Salman Al-Saud and the launch of Arabsat-1A. 

“Let’s not forget the impressive achievements of the King Abdulaziz City for Science and Technology, which has been helping to shape the national vision in space, building up knowledge, capacity, and infrastructure for over 20 years,” he said. 

Vora highlighted the 17 satellites launched by KACST since 2000, along with the Saudi Space Agency’s formation from the Saudi Space Commission.  

He added: “Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives, positively impacting our quality of life.”

Pioneering achievements 

Saudi Arabia’s journey into space began decades ago, and since then, the Kingdom has achieved remarkable milestones. 

Notably, the landmark partnership with Axiom Space marked a significant milestone, as astronauts Rayyanah Barnawi and Ali Al-Qarni embarked on the Ax-2 mission to the International Space Station in 2023.  

Barnawi became the first Saudi woman to journey into space, symbolizing Saudi Arabia’s commitment to gender equality and inclusivity in the realm of space exploration. 

Commenting on this endeavor, Vora said: “Of course, the Ax-2 mission provided the space community with a flavor of what’s to come from KSA’s space ambitions, becoming one of only a few countries to have achieved human spaceflight, and that in record time since the Saudi space decree was ratified!” 

He went on saying that partnerships with companies like Axiom Space “that are transforming and democratizing access to human spaceflight, highlight the ability of CST and SSA to capitalize on innovative solutions and services in the market.” 

Vora commended Barnawi’s efforts and said that this “is what we should come to expect from the Saudi and the global space sector. This is a sector that provides equitable representation and inspires and encourages engagement from people of all backgrounds and genders.”

Saudi Space Agency 

The Saudi Space Agency oversees the formulation and execution of the National Space Strategy, aimed at positioning the Kingdom as a leading spacefaring nation. 

Vora explained: “In doing so, SSA will be required to develop national capabilities in space, across the space value chain, from upstream (satellite systems and technologies), midstream (ground systems and operations), to downstream (data management and value-added services). The agency will also be responsible for promoting the uptake of space data across government and industries.” 

According to the top official, these advancements necessitate industry support for design, delivery, and operation, giving the agency a mandate to foster private sector expansion. 

This entails partnerships and investments with companies of varying sizes and backgrounds, both domestic and international, facilitated by the establishment of the National Space Co. 

“In implementing the strategic vision, SSA also has a key role to collaborate with international partners, leveraging international and long-standing experience and capabilities, with mutual interests in achieving scientific excellence,” Vora said.

Ambitions beyond earth 

Yet, Saudi Arabia’s cosmic ambitions extend far beyond the confines of earth’s atmosphere. 

With plans to develop a robust astronaut corps, participate in lunar exploration missions, and foster a thriving commercial space sector, the Kingdom is poised to carve out a formidable presence in the cosmos. 

Saudi Arabia is set to play a crucial role in the entire space value chain, focusing on localizing satellite technology production, enhancing space situational awareness, and utilizing space data for various sectors, including climate-related initiatives, according to Serco. 

A new report by the World Economic Forum predicts that the global space economy could reach $1.8 trillion by 2035, rivaling the semiconductor industry.  

Space technologies, like communications and earth observation, are expected to become as integral to daily life as semiconductors. 

The report emphasized that space will increasingly connect people and goods across industries, with benefits extending beyond financial gains to include addressing global challenges. 

Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives.

Amar Vora, head of space at Serco Middle East

“Intensified collaboration between diverse stakeholders from the public and private sectors will be key to unlocking and maximizing the industry’s exponential potential for years to come,” it added. 

From satellite manufacturing to space tourism, the Kingdom is primed to capitalize on the burgeoning space industry, diversifying its economy and driving innovation. 

Abdullah Al-Dawsari, who is an aerospace and defense project manager, told Arab News that “Saudi Arabia has the opportunity to leapfrog in key emerging areas of the space economy.” 

He said that this could be done through “strategically investing in next-generation capabilities by developing advanced satellite manufacturing using robotics, 3D printing, modular designs, offering low-cost launch services and rocket manufacturing by innovating in materials, propulsion, and reusability.” 

He added: “Providing innovative incentives like grants, tax benefits, and funding opportunities for research and development in the space sector and removing bureaucratic barriers can further stimulate the industry.” 

“Ultimately, space is becoming a cornerstone for economic growth, and this is exactly the vision and direction we are seeing from Saudi’s recent strides in space,” Serco’s top official said. 

The economic benefits of space exploration are manifold, according to Vora. Space technologies and data are critical assets for numerous industries, including agriculture, mobility, environment, defense, and many others.  

“We are seeing that space-enabled services have a role in the Saudi giga projects; for example, we see increased awareness, interest, and uptake from NEOM, Red Sea Global, and others,” he said. 

Economist and policy adviser, Mahmoud Khairy, said in an interview with Arab News that Saudi Arabia’s endeavors in space “isn’t just about reaching for the stars; it’s about building a smarter economy.” 

He added: “By venturing into space, Saudi Arabia aims to not only boost its global standing but also inspire young Saudis to pursue careers in science and tech. It’s all part of a bigger plan to transform the economy, putting the Kingdom on the map as a leader in space exploration while paving the way for a brighter, more sustainable future.”

Regulatory framework  

The Communications and Space Technology Commission has recently released regulations and a permit application to encourage private sector involvement in the earth observation services market. This initiative aims to boost GDP through value-added products. 

The initiative will grant permits to entities establishing EO platforms, facilitating data collection and processing. The documents outline requirements for applicants and emphasize user rights and data security. Interested parties are encouraged to review and apply for the permit.   

Key initiatives, such as the Center of Excellence for Earth and Space Science and the Center of Excellence for Aeronautics and Astronautics, underscore Saudi Arabia’s commitment to fostering world-class capabilities in space technology and research.  

Moreover, strategic partnerships with leading space agencies and organizations propel the Kingdom’s space aspirations to new heights. 

Vora emphasized that “strategic partnerships are essential in realizing the vision of the space sector in Saudi Arabia.” 

Saudi Arabia’s endeavors in space isn’t just about reaching for the stars; it’s about building a smarter economy.

Mahmoud Khairy, economist and policy adviser

He added: “For an emerging space-faring nation, partnerships enable effective knowledge transfer and opportunities to learn from past successes and failures. It allows the ability to share resources, risk, and infrastructure, advance scientific and technological research, and gain access to state-of-the-art innovations from a global ecosystem.” 

Vora explained that the most famous and widely referenced example of international partnerships and collaboration is the International Space Station, where it showcases the benefits of national collaboration. 

He went to say: “Private space companies providing both B2G (business to government) and B2B (business to business) services are now the norm, along with the utilization of space data-driven solutions across adjacent industries.” 

He went on explaining that this can be done by “introducing advanced technologies and services such as high-resolution imaging, data analytics for climate monitoring, urban planning solutions, and defense and security applications.” 

Al-Dawsari added: “Private companies, with their flexibility and innovative approaches, can significantly contribute to the space industry.” 

Private sector involvement in Saudi Arabia’s space industry has key implications for economic growth. It drives innovation, creates jobs, and attracts foreign investment, enhancing the Kingdom’s global competitiveness, according to Khairy.

A unique cosmic identity 

Beyond scientific and economic gains, Saudi Arabia’s cosmic journey holds profound societal implications.  

By inspiring the next generation of scientists, engineers, and explorers, the Kingdom is cultivating a legacy of innovation and discovery that transcends borders.  

“Beyond the clear economic benefits of Saudi’s endeavors in space, it undoubtedly has an impact on society,” Vora noted. 

National space endeavors along with international collaboration provides a catalyst for engagement in STEM fields through inspiration and integration into education, he highlighted. 

Vora added: “It’s great to see the mandate imposed by KSA last year to integrate space and earth sciences into secondary education curricula.” 

As Saudi Arabia ventures into space, the Kingdom remains committed to promoting sustainability and responsible stewardship of the cosmos.  

Sustainability comes in various forms in relation to Saudi’s space policy, according to Vora. 

“First, it’s KSA’s vision to create a sustainable, localized space industry and ecosystem — this requires support from the government in establishing an industry with long-term market opportunities,” he explained.  

Vora went on saying: “It’s how the national space program contributes toward Saudi’s vision to be a leader in environmental and climate sustainability. It’s what I call sustainability from space.”  

As space access becomes easier and launches more frequent, our space environment faces congestion and the risk of debris colliding with satellites. Improved technologies, regulations, and in-orbit solutions are needed to monitor and mitigate space debris.  

“Saudi space policy demonstrates leadership in this domain, enhancing the Kingdom’s role in the sustainability of space through investment in technologies to track and monitor space debris,” Vora emphasized. 

Khairy highlighted that space exploration requires a “whole army” of experts, from scientists and engineers to technicians and support staff.  

“As the space industry grows, so does the need for all sorts of services, from manufacturing to transportation. That means more jobs for Saudis across the board,” he added.

Sovereign wealth funds 

The pivotal role of sovereign wealth funds has become increasingly apparent in recent times, particularly in the Middle East.  

They have spearheaded economic diversification efforts, as reported by Euroconsult, a consulting firm specializing in the space sector. 

The report added: “Prominent funds like the UAE-based Mubadala Investment Company, the Saudi Public Investment Fund (PIF), and the Oman Investment Authority (OIA) have allocated substantial resources to finance local, regional and international space projects and companies.” 

Notable examples include partnerships like the one between Saudi Telecom Co. and PIF to establish IoT Squared, a technology firm specializing in the Internet of Things, as well as OIA’s acquisition of an equity stake in SpaceX. 

These investments not only support local, regional, and international space projects and companies but also bring tangible benefits to the countries involved, the report added. 

Economist Khairy said that the PIF is “already planning to invest heavily in the space sector and could be a major player in funding the Kingdom’s space dreams.” 

He added: “With its hefty financial resources and focus on long-term investments, it could provide the cash needed to launch satellites, conduct research, and build space infrastructure. Plus, investing in space could boost Saudi Arabia’s global reputation and competitiveness, drawing in even more investment and talent.” 

“When Saudi Arabia aims for the stars, it’s not just about the thrill of discovery; it’s about building a brighter economic future right here at home,” Khairy concluded. 


Closing Bell: Saudi main index slips to close at 12,409

Closing Bell: Saudi main index slips to close at 12,409
Updated 35 min 27 sec ago
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Closing Bell: Saudi main index slips to close at 12,409

Closing Bell: Saudi main index slips to close at 12,409
  • Parallel market Nomu lost 145.58 points, or 0.47%, to close at 31,105.07
  • MSCI Tadawul Index gained 1.59 points, or 0.10%, to close at 1,54561

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, losing 5.62 points, or 0.05 percent, to close at 12,409.87.

The total trading turnover of the benchmark index was SR5.09 billion ($1.35 billion), as 108 of the stocks advanced and 118 retreated. 

The Kingdom’s parallel market, Nomu, lost 145.58 points, or 0.47 percent, to close at 31,105.07. This comes as 42 of the listed stocks advanced while 43 retreated. 

The MSCI Tadawul Index, however, gained 1.59 points, or 0.10 percent, to close at 1,54561. 

The best-performing stock of the day was Mutakamela Insurance Co., whose share price rose 9.74 percent to SR18.02. 

Other top performers included Allied Cooperative Insurance Group and Saudi Arabian Cooperative Insurance Co. whose share prices gained 8.55 percent to SR16 and 7.71 percent to SR17.88, respectively.

Thimar Development Holding Co. recorded the most significant drop, falling 7.5 percent to SR53.

Saudi Arabian Amiantit Co. also saw its stock prices fall 5.77 percent to SR29.40.

CHUBB Arabia Cooperative Insurance Co. saw its stock prices decline 4.26 percent to SR54.

Multi Business Group Co. announced its annual financial results for the period ending Dec. 31.

According to a Tadawul statement, the company reported a net profit of SR10.5 million last year, reflecting a 19.06 percent increase compared to 2023. 

The growth was driven by an 8 percent rise in total revenues, a 12 percent increase in gross profit, an 8 percent reduction in general and administrative expenses, and a 45 percent decrease in financing costs, despite a 161 percent surge in zakat expenses.

Multi Business Group Co. ended the session at SR18.80, up 10.43 percent.

Edarat Communication and Information Technology Co. announced its annual consolidated financial results for the period ending Dec. 31.

A bourse filing revealed that the firm recorded a net profit of SR24.6 million in 2024, reflecting a 41.98 percent rise compared to the previous year. 

The jump is primarily linked to a 31 percent rise in gross profit, which reached SR45.3 million in 2024, compared to SR34.6 million in 2023. Moreover, administrative expenses, as a percentage of revenue, dropped from 19.07 percent in 2023 to 16.71 percent in 2024, further leveraging the growth in net profit.

Edarat ended the session at SR671, up 1.55 percent.

The National Shipping Co. of Saudi Arabia announced its interim financial results for the period ending Dec. 31. According to a Tadawul statement, the firm recorded a net profit of SR2.16 billion in 2024, up 34.45 percent compared to 2023. 

The rise is owed to a surge in gross profit by SR627 million and an increase in the firm’s share in results of equity accounted investees by SR166 million. The increase in net profit was partially reduced by a decline in other income and a rise in general and administrative expenses compared to the same period last year.

National Shipping Co. of Saudi Arabia ended the session at SR29.95, down 0.67 percent.

Bank AlJazira has announced its annual financial results for the period ending Dec. 31. A bourse filing revealed that the firm recorded a net profit of SR1.23 billion in 2024, up 20.69 percent compared to 2023.

The bank ended the session at SR18.68, down 3.08 percent.

Saudi Awwal Bank also announced its annual financial results for the same period. According to a Tadawul statement, the firm recorded a net profit of SR8.07 billion in 2024, up 15.25 percent compared to 2023. This rise is due to a surge in total operating income, partially offset by a jump in total operating expenses and tax charges.

The bank ended the session at SR36.40, up 1.95 percent.


Saudi Electricity to settle $1.5bn in historical obligations to the state

Saudi Electricity to settle $1.5bn in historical obligations to the state
Updated 02 February 2025
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Saudi Electricity to settle $1.5bn in historical obligations to the state

Saudi Electricity to settle $1.5bn in historical obligations to the state
  • Disputed amounts are related to technical discrepancies in quantities, prices, and handling costs of fuel and electric power
  • Second resolution was issued to include the settlement liability amount in the Mudaraba instrument

RIYADH: The Saudi Electricity Co. will settle its historical obligations to the state, totaling SR5.687 billion ($1.5 billion), following an executive panel approving a final settlement of the disputed legacy amounts.

The panel, which included a ministerial committee for restructuring the electricity sector and SEC, said the disputed amounts are related to technical discrepancies in quantities, prices, and handling costs of fuel and electric power.

A working team was formed from the ministries of energy and finance and the Saudi Electricity Regulatory Authority, in coordination with relevant authorities, to study the disputed transactions totaling SR10.3 billion.

This is part of the government’s continued efforts to enhance service levels for citizens and residents, supporting the goals of Saudi Vision 2030.

Global credit ratings agency Moody’s assigned the SEC an Aa3 rating in November, which it gives to companies with high quality, low credit risk, and a strong ability to repay short-term debts. It provides an assessment of the creditworthiness of borrowers, including governments, corporations, and other entities that issue debt.

The Tadawul statement said the committee issued a second resolution to include the settlement liability amount in the Mudaraba instrument, as per the terms of the agreement between SEC and the Ministry of Finance, within 30 days of receiving the resolution letter from the Minister of Energy.

The Mudaraba instrument is a long-term, unsecured financial tool with a profit margin tied to the regulatory weighted average cost of capital. Its profit is paid only if dividends are declared on ordinary shares. It follows Islamic Shariah principles, is treated as equity in SEC’s financials, and does not change shareholder ownership or rights.

The bourse filing said the SEC expects no significant impact on its dividend distribution.

It added that following the resolution, SEC will amend the Mudaraba agreement with the Ministry of Finance to include this amount in the Mudaraba instrument, bringing the total to SR173.607 billion.

Reclassifying the settlement amount into the Mudaraba instrument strengthens the company’s capital and prepares it for large-scale investments, reinforcing its role as a reliable electricity provider in the Kingdom.

The financial impact of the resolution is projected to be reflected in the 2024 financial statements.


Saudi Arabia’s military spending surges to $75.8bn in 2024, says GAMI chief

Saudi Arabia’s military spending surges to $75.8bn in 2024, says GAMI chief
Updated 02 February 2025
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Saudi Arabia’s military spending surges to $75.8bn in 2024, says GAMI chief

Saudi Arabia’s military spending surges to $75.8bn in 2024, says GAMI chief
  • Kingdom strengthens global defense presence with $78 billion military budget for 2025

RIYADH: Saudi Arabia’s military spending has increased at an annual rate of 4.5 percent since 1960, reaching $75.8 billion in 2024. This accounts for 3.1 percent of global defense spending, according to a senior official.

Speaking at the fourth Global Strategies in Defense and Aerospace Industry Conference in Antalya, Turkiye, Ahmed bin Abdul Aziz Al-Ohali, governor of the General Authority for Military Industries, noted that global military expenditure now totals $2.44 trillion.

Al-Ohali emphasized that Saudi Arabia has earmarked around $78 billion for the military sector in its 2025 budget. This allocation represents 21 percent of the total government spending and 7.19 percent of the country’s gross domestic product.

The governor reiterated that the work of GAMI is aligned with Saudi Vision 2030, which seeks to build a prosperous, diversified, and sustainable economy by reducing dependence on oil revenues and fostering growth in industry and innovation.

“In the presence of His Excellency Prof. Haluk Gorgun, chairman of the Defense Industries Authority of Turkiye, and leaders of Turkish military industry companies, I discussed Saudi Arabia’s ongoing transformation toward a more diversified and innovation-driven economy,” Al-Ohali stated.

He further added: “I also emphasized the promising investment opportunities within Saudi Arabia’s military industries sector and the strategic partnerships between our two countries, with the goal of localizing over 50 percent of military spending by 2030.”

The governor underscored GAMI’s commitment to developing a sustainable military industries sector that not only strengthens military readiness but also makes a significant contribution to the national economy.

To achieve its localization goals, the authority has introduced several initiatives designed to attract both foreign and domestic investments in the defense sector.

Al-Ohali highlighted that GAMI has rolled out a range of incentives to encourage investment and expand military industries, helping companies meet localization targets.

“A total of 74 supply chain opportunities have been created within the military industries sector, with 30 priority opportunities identified, representing about 80 percent of future expenditures on supply chains,” he noted.

The authority is also offering support and facilitation to small and medium-sized enterprises specializing in military industries, both domestically and internationally.

“The aim is to establish a resilient and robust military industrial base that will not only bolster national security but also contribute significantly to the Kingdom’s economic diversification,” Al-Ohali added.

In November of last year, Al-Ohali mentioned at the Local Content Forum that Saudi Arabia had localized 19.35 percent of its military spending, a significant increase from just 4 percent in 2018. The Kingdom plans to exceed 50 percent by 2030.

He also pointed out that the number of licensed entities in the military industries sector had risen to 296 by the third quarter of 2024.

Saudi Arabia continues to solidify its position as a key player in the global defense sector, with strategic partnerships and industrial development playing a pivotal role in achieving the goals outlined in Vision 2030.


Saudi Arabia launches February ‘Sah’ savings with 4.94% return

Saudi Arabia launches February ‘Sah’ savings with 4.94% return
Updated 02 February 2025
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Saudi Arabia launches February ‘Sah’ savings with 4.94% return

Saudi Arabia launches February ‘Sah’ savings with 4.94% return
  • Minimum subscription amount is SR1,000 and the maximum total issuance per user during the program period is SR200,000
  • Kingdom aims to raise savings rate among residents from 6% to the international benchmark of 10% by 2030

JEDDAH: Saudi Arabia has launched the second round of its subscription-based savings product, Sah, for 2025, offering a competitive return of 4.94 percent for February.

Issued by the Ministry of Finance and organized by the National Debt Management Center, the Sah bonds are the Kingdom’s first savings product designed specifically for individuals. 

Structured within the local bond program and denominated in Saudi riyals, Sah offers attractive returns to promote financial stability and growth among citizens.

The product aligns with the Financial Sector Development Program under Saudi Vision 2030, which aims to raise the savings rate among residents from 6 percent to the international benchmark of 10 percent by the end of the decade.

The Shariah-compliant, government-backed sukuk began at 10:00 a.m. Saudi time on Feb. 2 and will remain open until 3:00 p.m. on Feb. 4. Redemption amounts are expected to be paid within a year, as announced by the NDMC on X.

Sah offers fee-free, low-risk returns and is available through the digital platforms of various approved financial institutions. The bonds are issued monthly based on the issuance schedule, with a one-year savings period, fixed returns, and profits paid out at the bond’s maturity.

The minimum subscription amount is SR1,000 ($266), corresponding to the value of one bond, while the maximum total issuance per user during the program period is SR200,000. Returns are paid monthly per the issuance calendar.

The savings period lasts one year with a fixed return, and accrued profits are disbursed at the bond’s maturity. Future returns will be influenced by market conditions on a month-to-month basis.

The product is available to Saudi nationals aged 18 and older, who must open an account with either SNB Capital, Aljazira Capital, Alinma Investment, SAB Invest, or Al-Rajhi Capital.

Last month, NDMC announced the closure of the year’s first issuance with a total amount allocated of SR3.724 billion. It was divided into four tranches, with the first valued at SR1.255 billion to mature in 2029 and the second worth SR1.405 billion, maturing in 2032. The third tranche totaled SR1.036 billion to mature in 2036, while the fourth amounted to SR28 million and matures in 2039.

The initial 2025 issuance concluded on Jan. 7, offering a competitive return of 4.95 percent over its three-day subscription period.


Saudi stc Group tops MENA telecom operators with $57.7bn market cap

Saudi stc Group tops MENA telecom operators with $57.7bn market cap
Updated 02 February 2025
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Saudi stc Group tops MENA telecom operators with $57.7bn market cap

Saudi stc Group tops MENA telecom operators with $57.7bn market cap
  • stc posted a net profit of SR11.23 billion in the first nine months of 2024
  • Company’s Saudi mobile subscriber base grew 7.9% year on year

RIYADH: Saudi Arabia’s stc Group has emerged as the largest listed telecom operator in the Middle East and North Africa, with a market capitalization of $57.7 billion as of Jan. 28, according to a Forbes analysis.

The ranking places stc ahead of UAE’s e&, the Kingdom’s Etihad Etisalat, also known as Mobily, Qatar’s Ooredoo Group, and UAE’s Emirates Integrated Telecommunications Co., which round out the top five telecom firms in the region by market value. 

The combined capitalization of these five companies stood at $132 billion, representing 84.7 percent of the total market value of the 16 publicly listed telecom operators in the region.

stc’s share price rose 2 percent year on year to SR43.3 ($11.6) as of Jan. 28. On Feb. 2, the stock gained 0.34 percent to trade at SR43.65 as of 12:30 p.m. Saudi time. The company posted a net profit of SR11.23 billion in the first nine months of 2024, marking a 2 percent increase from the same period a year earlier, according to Saudi Exchange data.

The group’s financial arm, STC Bank, recently secured a non-objection certificate from the Saudi Central Bank to commence operations, becoming the first licensed digital financial institution in Saudi Arabia. The approval aligns with the regulator’s push for digital transformation and enhanced competition in the banking sector while ensuring financial stability.

Forbes said that stc’s Saudi mobile subscriber base grew 7.9 percent year on year in the first nine months of 2024, reaching 27.6 million, while fixed-line subscribers rose 2.3 percent to 5.7 million. In contrast, stc Kuwait saw its mobile subscriber base decline 4.2 percent to 2.3 million by the end of the third quarter.

Saudi Arabia’s Public Investment Fund holds a 62 percent stake in stc Group.

Among regional rivals, e& holds the second-largest market capitalization at $41.1 billion, while Mobily ranks third at $12 billion. Mobily’s stock price climbed 14.5 percent year on year to SR58.4 as of Jan. 28, with net profit surging 43 percent to SR2.12 billion for the first nine months of 2024. The company’s subscriber base also expanded 1.5 percent to 11.7 million.

Ooredoo Group ranks fourth with an $11.4 billion market capitalization, followed by Emirates Integrated Telecommunications at $9.8 billion.