STC and Alibaba set up a $238m cloud computing venture

STC and Alibaba set up a $238m cloud computing venture
Source: Reuters

Saudi Telecom Company (STC) and Chinese tech company Alibaba have set up a new company with an investment of 894 million riyals, which accounts to almost $238 million, to tap into the growing cloud computing market. 

The new company aims to boost knowledge transfer in Saudi Arabia, contribute to job creation, increase investment opportunities in the cloud computing sector, and support the kingdom’s economic diversification agenda, according to STC’s statement.

The new company was also set up in partnership with eWTP Arabia for Technical Innovation, the Saudi Company for Artificial Intelligence (SCAI) and the Saudi Information Technology Company (SITE). 

The Riyadh-based entity, Alibaba Cloud, will provide advanced cloud computing services and solutions to businesses operating in the kingdom.

“The company 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,” the STC statement said.

Also read: Redbox, Saudi’s smart lockers provider, raised $5m in a pre-series A funding

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