Saudi Telecom Company (STC) has been awarded a substantial SAR32.64 billion ($8.7 billion) contract to develop new telecommunications infrastructure across Saudi Arabia. The contract, granted by an undisclosed government entity, aims to enhance the kingdom’s telecom capabilities, as revealed in a recent bourse filing by the Saudi-listed telecom giant.
The project involves building, operating, and providing comprehensive telecommunications infrastructure services. Construction is set to be completed within 18 months, followed by a 15-year operational phase. According to a report by Research And Markets, Saudi Arabia’s telecom infrastructure market was valued at $3.5 billion in 2023 and is projected to grow at a compound annual growth rate of 7% by 2029. This growth is significantly driven by the kingdom’s ambitious smart city projects like Neom and Qiddiya, which demand robust telecom solutions.