stc Group CEO Unveils Strategic Acquisition of Tawal, Paving the Way for Telecommunications Tower Expansion

In a recent announcement, Olayan Mohammed Alwetaid, CEO of stc Group, affirmed the realization of the largest telecommunications towers company in the region following the successful completion of PIF’s definitive agreements to acquire a majority stake in Tawal.

Alwetaid emphasized that this transaction marks a significant milestone in stc Group’s journey of expansion and growth, as well as optimizing returns on investment.

 As the CEO of the leading technology group in the region, he underscored the impact of this acquisition on strengthening the infrastructure of the ICT sector, thereby bolstering the Kingdom’s position as a digital frontrunner.

Addressing investors, Alwetaid stated, “We have adopted a clear and well-defined strategy aimed at delivering optimal returns in the medium and long term, benefiting both the group and our investors.”