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FINANCIAL NEWS
Saudi Arabia will pay USD1.14bn for broadband
03 Aug 2017
(MENAFN) Saudi Arabia aims to pay two state firms USD1.14bn in order to roll out fiber optic broadband to 2mn locations, as proclaimed the companies.
Furthermore, Saudi Telecom Co. (STC) will be paid almost SR2.7bn in fiscal support as part of its deal with Saudi’s Ministry of Communications and Info Tech.
Additionally, this will be paid in installments and amid financial and regulatory exemptions, while the impact of the project on the firm would be positive.
Accordingly, STC in May had inked a deal with the government to link 1.3mn housing units with fiber optic lines by the end of 2020.
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MENAFN0308201700450000ID1095686751
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