Prince Mohammed bin Khaled Al-Abdullah Al-Faisal, chairman of STC Group, expressed appreciation for Saudi Arabia’s new economic strategy that aims to promote the private sector, recently launched by Crown Prince Mohammed bin Salman. Prince Mohammed bin Khaled praised Shareek’s goals of enhancing the contribution of local companies to the sustainable development of the Kingdom’s economy, noting that the program will have a great impact on supporting Saudi companies, especially by enabling them to capture local investments of more than SR5 trillion ($1.3 trillion) by the end of 2030.
He affirmed STC’s continued endeavors to enhance its leadership in the digitization of various public and private sectors, enhancing Saudi Arabia’s position as a regional digital services hub. He said that the company is committed to harnessing all its human, material, and technological capacities to support the Shareek program as a partner, to promote cooperation between the public and private sectors and achieve the objectives set by the ambitious vision of Crown Prince Mohammed bin Salman.
Prince Mohammed bin Khaled noted that STC’s strategy has focused primarily on alignment with the objectives of Saudi Vision 2030, especially in terms of digital transformation and approval of initiatives and projects that have a lasting impact on the economy, society and the environment. This was reflected in the launch of its DARE strategy for growth in new non-traditional paths, including digital payments, digital media, cybersecurity, AI-based solutions, Internet of Things, and G5.
CEO of STC Group Olayan M. Alwetaid thanked Crown Prince Mohammed bin Salman for the Shareek initiative, noting that this program along with other recent initiatives launched by the crown prince confirm his belief in the private sector and its pivotal role in the growth of the Saudi economy.
“Through our participation in this initiative, we realize the importance of aligning roles and responsibilities between the public and private sectors,” Alwetaid added.
The chief executive noted the important role of the communications and information technology sector in digitization to achieve Vision 2030 and its positive impact on the Saudi economy.
The company’s strategy includes a framework in line with the UN’s sustainable development goals, based on fair business practice, enrichment of life and experiences, promotion of innovative digital opportunities, environmental preservation, empowerment of human resources, especially women, promotion of gender equality, and others.