STC to provide 60% of funding for state-backed fibre-optic network

9 May 2017

Khalid bin Hussain Biyari, CEO of Saudi Telecom Company (STC), has revealed that his company will contribute 60% of the required funding for the government’s fibre-optic broadband project aiming to link 1.3 million households with high speed services by 2020, although Al Arabiya writes that the company may seek external funding if required.

As reported by TeleGeography’s CommsUpdate earlier this week, STC signed an agreement with the Ministry of Communications and IT (MCIT) and telecoms regulator the Communications and IT Commission (CITC) to provide high-speed fibre-optic services in the Kingdom of Saudi Arabia. The project is estimated to cost SAR7.3 billion (USD2 billion), with more than one firm understood to be involved in its execution; the state will offer direct financial and organisational incentives to all participants.