Solutions signs several contracts with stc Group at SAR 300 mln

Arabian Internet and Communications Services Company (SOLUTIONS) announced on Wednesday the signing of a number of contracts with Saudi Telecom Company (stc Group) (Related Party) for 2 years to provide comprehensive managed services through building and expanding cloud infrastructure platforms in data centres and managing & operating the infrastructure of applications under stc, at a value of SAR 300 million, (including Value Added Tax)

The company explained that the Contract Subject is to provide comprehensive managed services for the various operational domains for the infrastructure, building and expanding cloud infrastructure platforms in data centres, but Contract Details for operating applications’ infrastructure covering different domains (servers, internal networks, etc), managing applications’ infrastructure through support and operation (servers, internal network, etc), in addition to building and expanding cloud infrastructure platforms, and providing cloud consultancy services.

The company added that the financial impact on the company’s financial statements would appear starting from the 4th quarter of the year 2023, indicating that “stc” is a related party which considered the largest shareholder with an ownership of 79% of SOLUTIONS shares.