Page 24 - SAMENA Trends - January-February 2023

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

stc Launches Venture Capital Fund

stc announced the launch of its corporate have a positive impact on stc business. other services, focusing on the strategic
investment fund (CIF). The Fund aims to “The launch of this fund is in line with stc dimension and the return on investment”,
invest in early stages startups in various Group's strategy and our aspirations to he added. Motaz Alangari, Group Chief
domains including fintech, cybersecurity, work at an accelerated pace to contribute Investment Officer, also pointed out
artificial intelligence, digital games, to the diversification and growth of the that the CIF reflects the stc directions
Internet of Things, blockchain, and other digital economy. Through CIF, we seek to for investing in startups that adopt new
promising areas. The CIF will make enable distinguished entrepreneurs and technologies and digital business models
strategic investments to accelerate startups to grow and expand at the local that cover 9 different industries. “The
growth, enhance innovation and support and regional levels and benefit from global launch of this fund is a continuation of the
the KSA Vision 2030 in terms of economic investment opportunities,” Eng. Olayan stc’s distinguished journey in supporting
diversification through tapping into new Alwetaid, stc Group CEO, commented. “stc startups that play an important role in
sectors and supporting stc’s strategy- will not only provide the targeted startups developing Kingodm’s digital economy. This
related entrepreneurs and startups at the with financial support and investment but fund will allow stc to tap into increasingly
local, regional and international levels. The will also will link the startups with Group’s emergent and cutting-edge areas at the
fund will also explore new technologies services. This is to help those startups local and international levels and invest in
and business models in digital sectors. to grow and benefit from the stc Group transformative products that align with our
It will also predict new areas in the digital ecosystem in several areas, such as group’s strategy”, he added. The current
communication industry, which would cloud services, cybersecurity, and several entrepreneurship ecosystem is witnessing
many entrepreneurial ventures, innovations
and business models with favorable
investment opportunities emerging
at the local and regional levels. The
launch of the CIF is a continuation of the
company’s role and efforts in supporting
entrepreneurs and digital startups through
several initiatives and investments, such
as launching the inspireU program, which
incubated and supported 92 startups
through 9 intakes with a market value
exceeding $2.6B. Also launching STV
fund and stc venture fund, which have
made investments in several successful
businesses across the region, which
has contributed to achieving economic
diversification and growth during the last
years and supports the KSA Vision 2030.

Huawei and stc Accomplish the First 50G PON Live Trial in the Middle East

stc (The Saudi Telecom Company)
Group, the regional digital champion, has
announced the completion of the first 50G
PON (Passive Optical Network) trial in the
Middle East on a live optical network in
partnership with Huawei. 50G PON is the
latest in broadband technology offering
both consumers and businesses upgraded
and secure broadband usage. The live trial
comes at a pivotal time as stc continues to
invest in technological innovation to deliver
world-class connectivity. It is the latest
milestone in the long-term joint innovation
between stc and Huawei. The industry
has quickly moved towards broadband
networks adopting all-optical access
24 JANUARY-FEBRUARY 2023