stc Group, Red Sea Global in deal to propel digital transformation

This deal aligns with RSG’s mission to act as an agent of change by collaborating with entities to spearhead innovations that reimagine the boundaries of the sector to create a more prosperous world. Supplied
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Updated 05 November 2023
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stc Group, Red Sea Global in deal to propel digital transformation

RIYADH: Digital transformation on the Red Sea coast is poised for growth thanks to a new strategic partnership between Saudi Arabia’s stc Group and Red Sea Global.

The recently signed agreement aims to empower tourist destinations along the coast by adopting modern communication technologies and digital services, according to a statement.

This deal aligns with RSG’s mission to act as an agent of change by collaborating with entities to spearhead innovations that reimagine the boundaries of the sector to create a more prosperous world.

“As a key player in the digital transformation of the Kingdom, we are pleased to continue our support by partnering with The Red Sea destination — one of the largest national initiatives,” stc Group CEO Olayan Mohammed Al-Wetaid said.

“We recognize the significance of this project for the country and are committed to leveraging our expertise to develop it further,” Al-Wetaid added.

Under the deal, stc Group is expected to offer leading-edge connectivity services to The Red Sea and AMAALA destinations by delivering tailored solutions with potential expansion into newly developed areas in the near future.

Those solutions include fixed and mobile services with 5G technologies and connectivity through the group’s data centers.

RSG Group CEO John Pagano highlighted: “From seamless and personalized services for our visitors to 24/7 monitoring of the environment, technology underpins our vision for The Red Sea and AMAALA.”

He also stated that stc’s technology ensures that the group cannot only meet but also exceed the high expectations of its discerning guests while achieving the ambitions to pioneer regenerative tourism.

In March, Saudi Arabia was ranked second among the G20 countries and fourth globally in its readiness for digital systems, the UN’s International Telecommunication Union revealed at the time.

At the time, the ranking came following the Kingdom’s success in building a sustainable regulatory framework and shifting toward digital collaborative regulation to empower the digital economy, according to a report by the ITU, a specialized agency responsible for all matters related to information and communication technologies.


Stc Group issues US dollar-denominated sukuk with a total value of $2bn

Updated 09 January 2026
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Stc Group issues US dollar-denominated sukuk with a total value of $2bn

RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.

The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.

It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.

The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy. 

This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.

This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position. 

It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.