Saudi Telecom set to deploy fiber optic broadband services

Saudi Telecommunications Company (STC) signed on Tuesday an agreement with the Ministry of Communications and Information Technology to deploy fiber optic broadband services in urban areas across the Kingdom.

The agreement is effective from the date of signing, the company said in a statement to the Saudi bourse.

“The agreement includes financial support amounting about SR 2.7 billion; it is paid in regular installments according to the scope of work carried out, as well as providing some financial and regulatory exemptions,” the company said in a statement.

STC added that although it cannot determine the exact amount of financial impact at the current time, it will be positive.