Saudi Telecom to cover cost of broadband project, says CEO

Saudi Telecom Co.’s share in the SAR 7.3 billion broadband project announced this week is 60 percent, and the company will cover most of the cost but will seek funding if required, chief executive Khalid bin Hussain Biyari told Al Arabiya.

Saudi Telecom signed an agreement on Saturday with the Ministry of Communications and Information Technology and the Communications and Information Technology Commission (CITC) to deploy high-speed broadband services throughout the Kingdom, connecting about 1.3 million housing units with fiber-optic lines.

The mega project is quite comprehensive and more than one firm will execute it, he said, adding that the Kingdom will offer direct financial incentives as well as organizational ones.

The project will have a positive impact on the company’s results, as it will generate more revenue from digital services than voice calls.