Alibaba Group Holding Ltd - ADR

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Products, Expansion

Saudi's STC Signs Joint Venture Agreement To Establish A Cloud Computing Services Company

Published: 05/22/2022 12:46 GMT
Alibaba Group Holding Ltd - ADR (BABA) - Signs Joint Venture Agreement.
Agreement With Ewtp Arabia Technology Innovation Limited , Alibaba Cloud (singapore) Private Limited.
Agreement Also With Saudi Company for Artificial Intelligence and Saudi Information Technology Company.
New Company’s Capital Will Amount to Sar 894 Million Upon Establishment.
New Company’s Business is in Line With the Expected Growth and Increasing Demand for Public Cloud Services and Products.
Stc Will Finance Its Share of This Investment, Totaling Sar 491.7 Million, From Its Own Resources.
New Company’s Business Aligns With Stc's Expansion and Growth Strategy, and Saudi Arabia's Vision 2030 for a Localized Hyperscaler Cloud Computing.
Shareholding Are Distributed Among Stc 55%, Ewtpa 27% , Alibaba Cloud 10%, Scai 4% and Site 4%.