Riyadh – Mubasher: Saudi Telecom Company (STC) has signed a broadband agreement with the Ministry of Communications and the Communications and Information Technology Commission (CITC).
The deal comes as part of a plan to deploy high-speed broadband services in all regions of the Kingdom at a value of SAR 7.3 billion ($1.95 billion), according to a bourse filing on Sunday.
The broadband initiatives target connecting about 1.3 million housing units with fibre-optic lines.
The project will be executed over four years to end by 2020, the statement said.
“The agreement includes programmes and features designed to stimulate investment in this field to enhance the digital infrastructure in the Kingdom, in addition to providing high-speed fibre-optic broadband services,” the filing added.
STC noted that the financial impact of the agreement will be positive and will appear on the long-term; however, the exact impact cannot be accurately determined currently, because it depends on the specific areas, implementation plans, and customer contributions.
