Stc, PIF ink SR492mln deal on IOT

Saudi Telecom Co., known as stc, signed a deal worth SR 492 million with the Public Investment Fund (PIF) on supporting internet of things (IOT).

The deal aims to meet the rising demand for internet of things services and products in line with Saudi Vision 2030 for a connected home.

The new venture’s initial capital can be expanded up to SR900 million three years from establishment, based on business requirements.

It is expected that this deal will have a positive impact on Stc financial statements based on getting the required regulative approvals.