Latest news with #STCGroup
Arabian Business
21-05-2025
- Business
- Arabian Business
Saudi Arabia, UAE brands dominate Middle East with diversification, innovation
Brand Finance's latest Middle East 150 2025 report reaffirms Saudi Arabia and the UAE as regional brand leaders, driven by economic diversification and innovative strategies. The two nations account for 81 per cent of the region's total brand value, with Saudi Arabia's brands valued at $112.4 billion and the UAE's at $86.0 billion. Aramco retains its position as the region's most valuable brand for the sixth consecutive year, with a value of $41.7 billion and an AAA- rating. Despite challenges from declining oil prices and geopolitical uncertainties, Aramco's strong brand has maintained its stability. ADNOC follows as the second most valuable brand, growing 25 per cent to $19.0 billion, fuelled by initiatives like the launch of XRG and pioneering AI adoption. The telecom sector also shines, with Saudi Telecom Company, trading as STC Group, securing the third most valuable brand spot at $16.1 billion (up 16 per cent ) and achieving the region's highest Brand Strength Index (BSI) score of 88.7/100 with an AAA rating. Meanwhile, 'e&' has emerged as the world's fastest-growing brand, with its value soaring 701 per cent to $15.3 billion after consolidating its brand architecture under a unified identity. In banking, Al Rajhi Bank and QNB maintain their AAA ratings, with BSI scores of 87.9/100 and 87.0/100, respectively. While Al Rajhi remains the region's strongest banking brand, QNB's brand value rose up by 11 per cent to $9.4 billion, securing third place in the BSI ranking. Roshn Group, a new entrant, has quickly become the third most valuable real estate brand in the region at $1.1 billion, driven by its multi-asset strategy and contributions to Saudi Arabia's Vision 2030. In healthcare, King Faisal Specialist Hospital & Research Centre leads with a brand value of $1.7 billion (up 10 per cent), supported by advancements in groundbreaking robotic surgeries. The UAE's PureHealth Group also saw a 30 per cent brand value increase to $564 million, driven by strategic acquisitions like Sheikh Shakhbout Medical City and the UK's Circle Health Group. Andrew Campbell, Managing Director, and Brand Finance Middle East, said: 'As the Middle East continues to evolve economically and brand-wise, the region's leading brands are positioning themselves for long-term growth. The push towards digital transformation, sustainability, and economic diversification will further solidify the region's position as a global leader in innovation and development.' The report also highlighted the region's focus on sectors like green energy, digital transformation, and AI, positioning Saudi Arabia and the UAE as global leaders in innovation.
Korea Herald
09-05-2025
- Business
- Korea Herald
S. Korea, Saudi Arabia host joint business forum on advanced industries
South Korea and Saudi Arabia hosted a joint business forum Friday in Seoul to promote the expansion of the countries' bilateral cooperation in advanced industries, Seoul's industry ministry said. From Riyadh, 20 major companies attended the forum, including the country's biggest wireless carrier STC Group, state-run defense company Saudi Arabian Military Industries and Saudi's first electric vehicle manufacturer Ceer, according to the Ministry of Trade, Industry and Energy. From Seoul, 100 companies took part to discuss cooperation with Saudi Arabian firms. The forum discussed possible cooperation between the two countries in information technology, digital infrastructure, EVs, defense, renewable energy and other advanced industries, according to the ministry. "To respond to the rapidly changing global trade environment, we need to strengthen cooperation with emerging Global South countries, such as Saudi Arabia," Vice Trade Minister Park Jong-won said in a congratulatory message for the forum. "We will actively utilize government-level cooperation channels and push for the early implementation of the Korea-GCC Free Trade Agreement to facilitate greater business collaboration between companies from both countries," he added. The Korea-GCC free trade pact was signed in 2023. The GCC consists of six countries -- the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. (Yonhap)
Broadcast Pro
18-03-2025
- Business
- Broadcast Pro
STC Group ranked among top three strongest telecom brands
In 2024, STC Groups brand value increased by 16% to $16.1bn, maintaining its standing as the most valuable telecom brand in the Middle East. STC Group has been recognised as the third strongest telecommunications brand worldwide in the 2024 Brand Finance Telecom 150 Report. The annual report, developed by Brand Finance, the independent brand valuation consultancy, ranks the top 150 telecom brands based on their Brand Strength Index (BSI). This index evaluates key factors such as resilience, customer perception and brand engagement to determine the strongest brands in the industry. STC Groups high ranking underscores its ability to foster trust, enhance customer relationships and maintain a competitive edge. Mohammed R. Abaalkheil, Vice President of Corporate Relations at stc group, commented: 'At STC Group, we dont just keep up with changewe stay ahead of it. Our brand strength stems from this relentless pursuit of innovation, ensuring our customers always have access to cutting-edge, trusted digital solutions. By anticipating trends and shaping the future of connectivity, we empower individuals, businesses, and communities to thrive in a rapidly evolving digital world. This recognition reaffirms our commitment to pushing boundaries, redefining possibilities, and delivering best-in-class technology with excellence and reliability.'
Zawya
27-02-2025
- Business
- Zawya
STC posts robust growth for 2024; revenue soars to $20bln
STC Group, a digital enabler, offering advanced solutions and driving a role in the digitalization process, today (February 26) delivered solid results for FY 2024 with a 85% jump in its net profit which soared to hit SAR24.7 billion ($6.6 billion) and a revenue of SAR75.8 billion ($20 billion) for the 12-month period. Announcing its annual consolidated financial results for the year ending December 31, 2024, stc said these results reflect its robust growth across key financial metrics. Its gross profit for FY 2024 reached SAR37.3 billion, up 7.4% over the year before. The operating profit for the year 2024 hit SAR14.4 billion, thus posting an increase of 9.6% when compared to 2023, while the ebitda soared to SAR24 billion with a 6.6% growth when compared to 2023. Impressed with the results, stc has announced that its board of directors has decided to recommend additional cash dividends for FY 2024 amounting to SAR2 per share, equivalent to SAR10 billion. This is in addition to the Approved distribution under the company's policy, which was activated from the fourth quarter of FY 2024. Thus, the total cash distributions for 2024 amount to SAR 3.75 per share. This policy reflects the Group's ongoing commitment to maximizing and enhancing investor returns, it stated. On the solid performance, Group CEO Eng. Olayan Alwetaid said: "The Group's outstanding performance and financial results during the year, reflected the performance of its subsidiaries, which achieved 16% growth, as well as the implementation of a cost efficiency program that played a pivotal role in enhancing financial performance, with the Group planning to continue adopting it as part of its culture." The Group CEO further emphasizes that these results reflect the successful execution of the Group's strategy and the achievement of its financial and operational plans. Additionally, stc's focus on fostering innovation and enhancing customer experience played a key role in driving sustainable growth, contributing to the outstanding performance during 2024, stated Alwetaid. The Group achieved revenue growth of 5.7%, an increase in operating profit of 9.6%, and a bottom line that registered an increase of 85.7%. Notably, when excluding one-off items, the Group achieved net profit growth of 13%, he added. The Group CEO said stc had successfully undertaken several strategic initiatives. The Group signed a contract, the largest of its kind, valued at SAR32.64 billion, to build, operate, and provide telecommunications infrastructure services for a government entity. Additionally, stc launched its digital bank after obtaining approval from the Saudi Central Bank, marking a significant step in offering innovative financial solutions to support individuals and businesses while advancing the digitization of the financial sector. The stc also successfully completed all procedures for selling 51% of its stake in Tawal to the Public Investment Fund (PIF) after obtaining all necessary approvals. This move aligns with the efforts of the Group and the PIF to establish a leading company in building and operating telecommunications and IT infrastructure worldwide by merging Tawal with the PIF's subsidiary, Golden Lattice Investment. On the international front, stc received approval from the Spanish Council of Ministers to increase its voting rights in Telefónica from 4.97% to 9.97%, along with the right to appoint a member to the company's Board of Directors. This investment is part of the Group's strategy for growth and expansion, focusing on strategic investments that deliver added value, he added. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Broadcast Pro
11-02-2025
- Business
- Broadcast Pro
STC Group and AWS partner to drive digital transformation in KSA
This joint engagement will accelerate the Saudi Arabias deployment of cloud-based services and AI infrastructure, and support mega projects. STC Group and Amazon Web Services (AWS) have announced a strategic collaboration to advance digital transformation in Saudi Arabia. As part of this partnership, stc Group has been recognised as a System Integrator Premier partner, the highest AWS Partner Tier. The initiative will combine AWSs cloud infrastructure and generative AI/ML services, such as Amazon Bedrock, with stc Groups capabilities. This will scale cloud-based workloads and AI-powered innovation in sectors such as healthcare, finance, sports, education, energy, industrial, logistics and government sectors across the Middle East. stc Group will leverage AWSs global expertise to deliver innovative solutions tailored to customers in Saudi Arabia and neighbouring Gulf countries, including Bahrain and Kuwait. Together, the companies will empower businesses of all sizes with secure, scalable and compliant cloud and AI solutions, unlocking new growth opportunities that align with Saudi Arabias Vision 2030 goals. stc Group and AWS will develop comprehensive guidance and services for stc Group customers to enable seamless migration to the AWS cloud and adoption of generative AI/ML services. In doing so, these solutions will advance cloud capabilities for more industries, propelling markets into the growing AI-driven economy without technical complexities. The strategic collaboration between stc Group and AWS focuses on integrating local content development, advancing sustainability initiatives and fostering knowledge sharing. Together, both companies aim to empower local talent, enhance cloud adoption, and shape a more sustainable, knowledge-driven future. Speaking about the collaboration, Riyadh Muawad, Chief Business Officer of stc Group, said: 'AWS shares our vision of advancing the Kingdoms digital transformation. Through this strategic collaboration, the Group strategy and its subsidiaries to target critical sectors in the Kingdom, we will create cutting-edge solutions, develop local talent, and pave the way for a digitally advanced future in Saudi Arabia.' Tanuja Randery, Vice President, Europe, Middle East, and Africa, AWS, added: This strategic collaboration marks a significant step forward in contributing towards achieving Saudi Vision 2030. It underlines technologys transformative role in advancing key sectors including healthcare, finance, sports, education, energy, and industrial and logistics. Through this long-term partnership, AWS and stc Group will empower different organizations with the latest solutions, ensuring Saudi talent is equipped to thrive in a fast-evolving digital economy. The AWS and stc Group collaboration arrives as cloud adoption and massive AI advancements continue to transform Saudis digital economy. According to PwC, AI will contribute $130bn to Saudis economy by 2030, while analysts IDC predict that the value of public cloud services will reach just under $4bn in 2027, growing by 23% annually over the next two years.
