An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
stc Group and Alibaba Establish Alibaba Cloud for Cloud Computing in Saudi Arabia
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
stc Group has established a new company, Alibaba Cloud, in Riyadh, Saudi Arabia, with a capital of SAR 894 million. This initiative is aimed at meeting the growing demand for cloud services in the region. In partnership with Alibaba Group and local entities, the company will provide advanced cloud solutions that enhance security for businesses in the Kingdom. This move aligns with Saudi Arabia's 2030 Vision to diversify the economy and stimulate investment in technology, contributing to job creation and the enhancement of the digital infrastructure.
Positive
Establishment of Alibaba Cloud in Riyadh with a capital of SAR 894 million.
Partnership with Alibaba Group enhances local capabilities in cloud computing.
Alignment with Saudi Arabia's Vision 2030 for economic diversification and job creation.
Improvement of the Kingdom's digital infrastructure to attract global companies.
Negative
None.
With capital amount of SAR 894 million
RIYADH, Saudi Arabia--(BUSINESS WIRE)--
stc Group, the leading national digital enabler announced the establishment of “Alibaba Cloud” in Riyadh, KSA, for high-capacity cloud services in partnership with the Chinese technology giant, “Alibaba Group”, eWTP Arabia for Technical Innovation Ltd., the Saudi Company for Artificial Intelligence (SCAI), and the Saudi Information Technology Company (SITE).
The establishment of the new company in the Saudi capital, Riyadh, came in response to the significant increase in demand for cloud computing services and solutions in the region. The company will provide advanced cloud computing services to companies operating in the Kingdom of Saudi Arabia, ensuring that they employ the highest standards of security and protection.
The new company’s capital will amount to SAR 894 million, and the new company will benefit from the distinguished position of stc Group in the services and technology solutions sector and will employ the best talent and expertise to support the local capabilities of the Kingdom and enable it to enhance digital development and build an advanced ecosystem capable of meeting the future needs of the Kingdom. Alibaba, one of the best providers of cloud computing services and solutions in the world, will offer a wide range of cloud computing services and solutions, a step that will enable local companies and institutions to digitize their businesses, employ the technologies of the Fourth Industrial Revolution, raise work standards and enhance businesses.
In line with the Kingdom’s efforts to enhance economic diversification and stimulate investment opportunities in the cloud computing sector, the new company will contribute to providing quality jobs, transferring knowledge and expertise to the Kingdom, and ensuring a safe work environment for entrepreneurs in the region.
stc’s investment with Alibaba for cloud computing services, in cloud computing solutions in Riyadh, reflects the company’s future vision and its great role in pushing digital transformation efforts in the Kingdom of Saudi Arabia, and its commitment to forging strong partnerships with leading technology companies around the world in line with the Kingdom’s 2030 vision to attract foreign and international investments into the Kingdom, creating a secure environment for entrepreneurs, and enhancing information security by protecting data internally in the Kingdom.
The establishment of the company specialized in cloud computing services and solutions in Saudi Arabia will contribute to developing the Kingdom’s digital infrastructure and preparing it to provide the latest digital data storage services and solutions and ensure its protection and security, which will enhance the Kingdom’s ability to provide cloud computing services to global companies.
What is the capital amount for the new Alibaba Cloud company in Riyadh?
The capital amount for Alibaba Cloud in Riyadh is SAR 894 million.
How does the establishment of Alibaba Cloud affect Saudi Arabia's digital infrastructure?
The establishment of Alibaba Cloud will improve Saudi Arabia's digital infrastructure, enabling advanced cloud services and attracting global companies.
What is the partnership involved in the creation of Alibaba Cloud?
Alibaba Cloud is established in partnership with Alibaba Group, eWTP Arabia for Technical Innovation Ltd., SCAI, and SITE.
What vision does the establishment of Alibaba Cloud support in Saudi Arabia?
The establishment supports Saudi Arabia's Vision 2030 aimed at economic diversification and investment in technology.
Alibaba Group Holding Limited American Depositary Shares, each represents eight Ordinary Shares
