solutions, stc ink contracts worth SAR 300 mln

Logo of Arabian Internet and Communications Services Co. (solutions)

Arabian Internet and Communications Services Co. (solutions) signed on Sept. 26 a number of contracts with stc, a related party, at a total value of SAR 300 million (VAT included), according to a statement to Tadawul.

These contracts aim to provide fully managed services through building and expanding cloud infrastructure platforms in data centers, as well as managing and operating stc applications infrastructure.

In addition, the two-year contracts include operating applications’ infrastructure covering different domains (servers, internal networks, etc); managing applications’ infrastructure through support and operation (servers, internal network, etc); building and expanding cloud infrastructure platforms and providing cloud consultancy services.

A financial impact is expected as of Q4 2023, the statement said, adding that stc is a related party as it owns 79% of solutions shares.