Tawal Signs Agreements with Saudi Banks
The Saudi Telecom Company (STC) announced that its subsidiary, Telecommunications Towers Company – Tawal, signed Murabaha financing agreements with Saudi banks, according to Aleqtisadeysa. The agreements aim to refinance the loan provided by the telecommunications company to its subsidiary Twal.
The financing party will be the National Bank with a value of 2 billion riyals, and Alawwal Bank with a value of 1.75 billion riyals. The financing period is an 18-month Murabaha agreement and the guarantees provided in exchange for the financing are a promissory note from Tawal for the total value of the financing.
STC Expand Partnership with STC
Microsoft and Stc Group have recently expanded their strategic partnership to accelerate the pace of digital transformation. This collaboration is poised to deliver cutting-edge solutions designed to transform and empower organizations across a myriad of industries. It will also nurture the growth of small businesses in the digital realm.
As an “engine of digital transformation,” Stc Group has joined forces with global tech behemoth Microsoft, signaling a significant stride towards advancing digitalization. This is not only within the confines of the organization but also across the broader Saudi Arabian business landscape. The partnership envisions the joint development and deployment of avant-garde solutions.
Alliance Outcomes
This strategic alliance is more than just a technological endeavor. It’s a vision of propelling Saudi Arabia to the vanguard of global innovation. The collaboration aims to bring the latest technologies to Saudi Arabia, helping businesses of all sizes embrace digital transformation.
Stc Group CEO Olayan Alwetaid emphasized that the partnership with Microsoft marks a “defining moment in the history of digital transformation” for both Stc Group and Saudi Arabia. It sets the stage for a digital era where Saudi Arabia could potentially emerge as a global leader in innovation.
Furthermore, this alliance will open new avenues for Stc’s subsidiaries to explore new markets, and introduce innovative products and services. Microsoft and Stc Group aim to provide high-quality, safe, and secure digital experiences for businesses across the Kingdom. The partnership also has broader implications. It is set to serve as an “innovation powerhouse,” extending the transformational impact of digital technologies from Saudi Arabia to the world, as per the statement by President Microsoft EMEA Ralph Haupter.
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