STC to set up $500 mln fund for tech investment

Saudi Telecom Co.’s (STC) board of directors approved on Wednesday the establishment of an independent fund worth $500 million (SAR 1.9 billion) to be financed by five tranches worth $100 million each, the telco said in a statement to Tadawul on Thursday.

The fund will be self-financed from the company’s sources and will invest in the digital and technology sectors, as well as the development of the digital system in the region.

“The move is in line with STC’s strategy to diversify its investments,” the statement said.