Saudi Telecom Group granted $720m for fibre roll out

The STC’s project to link 1.3 million households with high speed services by 2020 was granted $720m as funding. The Saudi Ministry of Communications and Information Technology MCIT has signed an agreement with the STC to provide it with the financial support. 

The funding is to be utilized to deploy the fibre-optic services in urban areas. The massive amount is due to be paid in regular installments and according to the scope of work achieved. 

The MCIT will be providing STC with the financial and regulatory exemptions. The ownership, operation and management of the fibre-optic network and the services provision to end consumers will be realized by the STC.