Competition authority nods stc's JV deal to set up cloud computing firm

24/05/2022 Argaam

Logo of General Authority for Competition

The General Authority for Competition approved today, May 24, the joint venture (JV) agreement signed between telecom major stc and a number of other companies to form a cloud computing services firm.

 

The contract, which was signed on March 22, will see stc and other participating parties set up a cloud computing services firm as a limited liability company in Saudi Arabia.

 

Alibaba Cloud (Singapore) Private Limited (Alibaba Cloud), eWTP Arabia Technology Innovation Limited Company (eWTPA), Saudi Company for Artificial Intelligence (SCAI) and Saudi Information Technology Company (SITE) are all taking part in the deal, according to Argaam's data.

 

5% SAR 894 million, will be 5 The new firm, which will be capitalized atAlibaba Cloud maintain 27% and 10%, eWTPA and stc, while owned by respectively. SCAI and SITE will hold an equal stake of 4%, separately.

 

The Public Investment Fund (PIF) is a limited partner in eWTPA through its wholly-owned subsidiaries, and owns 100% of SCAI and SITE. The PIF is a related party for being a major shareholder in stc with a 64% stake.

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