stc, Alibaba to launch cloud services in Saudi

The new investment is valued at $238.3 million
stc, Alibaba to launch cloud services in Saudi
Cloud computing

Saudi telecom services operator stc has announced the launch of its cloud services in the capital Riyadh in partnership with the Chinese e-commerce company Alibaba Group to establish a new company with an investment of 894 million riyals ($238.3 million).

The new project taps into the growing cloud computing market as it will provide advanced cloud services to companies operating in Saudi, ensuring that they employ the highest standards of security and protection.

The new venture seeks to employ the best talent and expertise to support the local

capabilities of Saudi and enable it to enhance digital development and build an advanced ecosystem capable of meeting the future needs of the Kingdom.

The global cloud computing market is forecast to reach $1,554.95 billion by 2030, registering a compound annual growth rate (CAGR) of 15.7 percent, according to a report published by ResearchAndMarkets.

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