Saudi Arabia seeking further digital advancements in Silicon Valley 

Saudi Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha in Silicon Valley. SPA.
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Updated 05 December 2023
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Saudi Arabia seeking further digital advancements in Silicon Valley 

RIYADH: Saudi Arabia is pursuing additional global partnerships to bolster its already robust digital infrastructure as the minister of communications and information technology met with senior officials from Silicon Valley. 

Discussions between Abdullah bin Amer Al-Swaha and Antonio Neri, president and CEO of Hewlett Packard Enterprise, were held on Dec. 5 to enhance local content and contribute to the growth of the Kingdom’s digital economy. 

The meeting focused on extending the strategic partnership into modern technology, cloud computing, and the localization of servers, as reported by the Saudi Press Agency. 

The minister highlighted Saudi Arabia’s potential for a strong digital infrastructure and its status as the largest market in the region. Talks also centered around the exploration of collaboration and partnership opportunities across various sectors. 

Al-Swaha also met with ServiceNow CEO Bill McDermott and Cohere CEO Martin Kon to discuss partnership opportunities in emerging technologies and artificial intelligence. 

These talks affirm Saudi Arabia’s position as a key regional technology and innovation hub, with efforts underscoring the region’s commitment to fostering the expansion of a dynamic digital economy, aligning with the goals outlined in Saudi Vision 2030. 

In October, Saudi Arabia and Finland signed a memorandum on information, communication, and technology to strengthen strategic partnerships to support the growth of the digital economy and exchange experiences between the two countries. 

The memorandum was signed in Riyadh by Al-Swaha and the Finnish Minister of Foreign Trade and Development, Ville Tavio. 

Under the deal, the two nations agreed to cooperate in developing emerging technologies, Internet of Things, cloud, new wireless network technologies, digital capacity development, and government digital transformation. 

It will also develop joint programs covering capacity building, collaborative research projects related to technology foresight, and coordination of private sectors in Saudi Arabia and Finland. 

Some five months before this agreement, Al-Swaha held talks with Chinese company leaders and investors in the digital economy, space, and innovation sectors.  

According to the communications ministry’s website, the meeting, held in Beijing, was organized by MCIT in collaboration with eWTP Arabia Capital and the Saudi Arabia-China Entrepreneur Association to strengthen the strategic partnership between Saud Arabia and China. 

Al-Swaha emphasized fostering cooperative relationships and exchanging experiences and expertise in technological projects and initiatives. He highlighted the alignment between Saudi Vision 2030 and the Belt and Road Initiative, providing a roadmap for collaboration. 

The minister also showcased successful partnership models between the two countries in various fields and discussed the promising investment opportunities available.


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.