STC Ventures eyeing partnerships with US, Asian firms: CEO

Saudi Telecom’s STC Ventures is seeking to attract US-based venture capital and technology firms interested in partnering with Saudi Telecom Co. (STC), Bloomberg reported, citing STC Ventures CEO Abdulrahman Tarabzouni.

STC Ventures – an independently managed capital fund whose anchor investor is STC – is also exploring potential partnerships with Asian technology companies including SoftBank and Alibaba Group Holding, Tarabzouni said.

Last December, STC’s board of directors approved the purchase of a 10 percent stake worth SAR 375 million ($100 million) in United Arab Emirates-based ride-booking service Careem.

The telecom giant said the move was in line with its strategy to invest in digital services.

“Value is shifting away from legacy telecom assets into new industries globally, so we want to leverage those existing assets now to get a leg into the future,” Tarabzouni said.

STC’s diversification push will also see it invest in fintech, drones, virtual reality, and wearable technology among others, he added.