STC hailed as success story in privatization in KSA

High-level government officials visited the STC section of the conference and were briefed on the digital services.
Updated 30 April 2019

STC hailed as success story in privatization in KSA

The Saudi Telecom Company (STC) contributed a total of SR168 billion ($44.80 billion) to the Kingdom’s GDP from 2000 to the end of 2018, according to STC’s 2018 annual report. The amount comprises government fees paid to the state in addition to the state’s share of annual profits.

The annual report, which was launched last week at the Financial Sector Conference in Riyadh, revealed that STC has maintained its pivotal role in achieving the objectives of Saudi Vision 2030 and National Transformation Program 2020 by enabling digital transformation in the public and private sectors and investing in digitizing the economy in line with its ambitious strategy DARE, which completed its first year — 2018 — with remarkable success.

Speakers at the two-day finance event singled out STC, now in its 20th year, as an inspiring success story of privatizing government institutions in Saudi Arabia. The Saudi Telecom Company was the Ministry of Post, Phone, and Telegraph until 1998, before rebranding to STC in 2008.

Minister of Finance Mohammed Al-Jadaan, Minister of Housing Majid Al-Hogail and SAMA Chairman Dr. Ahmed Abdulkarim Alkholifey visited the STC section of the conference and were briefed on the digital solutions and services offered by the company, in particular through digital platforms such as STC Pay. Khalid bin Abdulaziz Al-Falih, who headed the supervisory committee, awarded STC with a shield for its support of the conference. The award was accepted by Mohammad bin Rashid Aba Al-Khail, director general of corporate communication.


Clinical trials to accelerate adoption of new drug treatments in Saudi Arabia

Updated 27 May 2020

Clinical trials to accelerate adoption of new drug treatments in Saudi Arabia

  • Trials are being led locally as an essential means to verify the safety and effectiveness of a new drug
  • Eli Lilly has a major role to play during the coronavirus disease (COVID-19) pandemic

RIYADH: Clinical trials in Saudi Arabia could speed up the adoption of new drugs locally, a pharmaceutical executive has told Arab News.

“Clinical trials have two very big benefits for the Kingdom. Firstly, they provide data in the long run with respect to safety and efficacy, catered specifically to the Saudi population. Secondly, they impact local investment and build healthcare capabilities,” Managing Director of Eli Lilly Dimitri Livadas said..

Lividas further explained that the clinical trial phase of any new treatment is crucial as it represents the stage between the adoption or rejection of a drug. Working with the Ministry of Health and with a presence in the Kingdom for 42 years, the pharmaceutical company began research trials in the country in 2016, consisting of five pre-marketing activities and three monitoring studies for post-marketing.

Lividas added that the trials are being led locally as an essential means to verify the safety and effectiveness of a new drug before it is put to the market and introduced to patients. The majority of these are focused on diabetes, oncology, immunology, and osteoporosis.

“We genuinely believe that our future is here in Saudi Arabia. We continue to make great progress in having a commercial organization in the Kingdom that is fully staffed by Saudi nationals,” said Lividas.

As a biopharmaceutical company, Eli Lilly has a major role to play during the coronavirus disease (COVID-19) pandemic. It recently announced partnership with AbCellera to develop a treatment for the virus and aims to enter into clinical trials this year.

“I salute the Saudi authorities for their strong measures to contain the spread of COVID-19. I think it is an example to the world on how to do this. I would like to also express my gratitude toward all healthcare professionals who are currently on the frontlines, risking their own health to help others," Lividas said.