Saudi Telecom Company adopts new strategy

Saudi Telecom Company (STC) has depended on a new strategy that focuses on growth via new areas and not the traditional telecommunications areas, said STC CEO Dr. Khalid al-Bayari, adding that this strategy includes the digital content, digital financial services, and the information technology in addition to the limited geography.

Bayari stated that new investments will be centered in the region. “The whole point is that our investments meet with new services,” he said, clarifying that any company that doesn’t adopt the new conditions will face troubles.

On the sidelines of STC participation in GITEX, Bayari told Asharq Al-Awsat that “Our strategy is inspired by the Saudi Vision 2030.” He added that STC works on restructuring skills in which it intends to launch an academy that focuses on building new digital capabilities for the youths. “I think this will have a direct impact on the Saudi Vision 2030,” he noted.

“We have a venture investment fund that is the greatest venture fund in the region and it emphasizes on the new economy, especially that in our region we have a problem in funding the youths who present ideas and projects. I think the fund will fill a gap in this regard and help us find other resources and an additional income for the company” he added.

Further, the company is holding serious discussions to provide financial services through the mobiles.

Back to the strategy, Bayari said: “We deal with the challenges facing the traditional telecommunications sector but STC focused on a growth strategy, which is part of an acquisition of companies operating in specific fields.”