stc to invest $500 mln in cloud services over next 5 years

stc logo

stc announced today that it will inject up to $500 million worth of investments into cloud services in the Kingdom over the coming five years, in cooperation with venture capital fund eWTP Arabia and Alibaba Cloud. 
 

The collaboration is aimed to bolster the Kingdom's infrastructure and accelerate the growth of domestic digital economy with respect to artificial intelligence (AI), cloud computing, the internet of things (IoT) and entrepreneurship, the company said. 
 

Furthermore, it comes in line with the telecom group's strategy and the objectives of Vision 2030 for digital transformation. In addition, the partnership will contribute to making Saudi Arabia a hub for cloud computing technologies across the Middle East and North Africa region, it added.