The stc Group has made a significant leap in the telecommunications arena by securing a majority stake in the region’s largest towers company, Tawal, through a definitive agreement orchestrated by the Public Investment Fund (PIF). The stc Group’s Chief Executive Officer, Olayan Mohammed Alwetaid, conveyed to the Saudi Press Agency that this deal is a pivotal advancement in stc Group’s ongoing growth and expansion efforts, as well as a reinvestment of returns.
Alwetaid highlighted the strategic importance of the acquisition for bolstering the infrastructure of the Information and Communications Technology (ICT) sector. He underscored the move’s potential to propel the Kingdom of Saudi Arabia to new heights as a premier digital hub. Further, Alwetaid assured investors that stc Group is guided by a clear, well-defined strategy aimed at maximizing return on investment, promising benefits for both the conglomerate and its investors over the medium to long term.