Riyadh – Mubasher: Saudi Telecom Company (stc) announced investing around $500 million in cloud services over the upcoming five years in a partnership with eWTP Arabia Capital, one of the largest venture capital funds in the region, and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group.
Through this project, stc aims to reinforce digital infrastructure and to leverage the proven cloud-based technologies and services of Alibaba Cloud to accelerate the growth of local technology ecosystem, in line with its "DARE" strategy and Vision 2030 objectives, according to a press release.
Moreover, the project will help Saudi Arabia become the digital and cloud services hub in the MENA region.
