Solutions Renews VMware License Contract with STC Group for SAR 139.9 Million

Arabian Internet and Communications Services Company (Solutions) announced on Tuesday that it has signed a contract with Saudi Telecom Company (STC), a related party, for the renewal of VMware licenses and provision of support services, valued at SAR 139.9 million.

The contract, spanning three years, is expected to start impacting the company’s financial statements from the second quarter of 2024. It is important to note that STC is the largest shareholder in Solutions, holding a 79% ownership stake.