China Telecom Global Limited ("CTG"), the world-leading provider of integrated telecommunication services, and stc group, the leading digital enabler in Saudi Arabia and the region, have signed a memorandum of understanding (MOU) to strengthen the IoT business, and explore business opportunities and innovations that will achieve common goals for both parties.
The primary aim of the MOU will revolve around the strategic development of IoT industries, especially connected car projects in Saudi Arabia.
Over the past few decades, Chinese automobile companies have solidified their presence in Saudi Arabia by exporting new and innovative vehicles. CTG and stc have entered a mutual agreement to leverage their respective IoT services, and the IoT expertise and partnership synergies to usher in the next generation of connected transportation and vehicles. This will allow CTG to further expand its market leading IoT solutions in the country and enhance Saudi Arabia's position as an interconnected hub in the Middle East. The agreement will provide an opportunity for both parties to promote growth in strategic areas and capture synergies that will go towards fulfilling the obligations of the MOU.
stc group and CTG, will collectively be operating to ensure their IoT business is successful. IoT services in KSA and the region will be scaled up through different technologies and digital solutions supported by the combined knowledge of all three parties, especially for the connected cars project. There will be additional IoT prospects in the pipeline that will upgrade the lifestyle in the Kingdom and stc group with China Telecom as the lead in these developments.
Establishing the partnership strengthens the corporate foundations between the stc group and CTG in the arena of IoT, especially through the provision of solid practical experience and industry knowledge that builds a competitive edge. In the future, both parties will explore endless innovations and share the fruits of technological breakthroughs with the wider community.
Li Yong Bo, Global Roaming and Mobility Business Centre Vice President, CTG,
We're looking forward to building upon the existing cooperation framework between CTG and stc group that includes corresponding mutual affiliates to explore joint IoT opportunities in Saudi Arabia. Our agreement aligns with the kingdom's Vision 2030 plan to accelerate the innovation of connected cars in the region. Both groups will work towards building benefits and advancing transportation for the nation and its people.
Eng. Saud AlSheraihi, Products & Solutions Vice President, stc,
We are thrilled to announce our partnership with China Telecom as a significant step towards achieving our strategic goals for the IoT industry, particularly in the realm of connected car projects in KSA. By signing this MOU, we are confident that stc group and CTG will continue to work together to accelerate our digital developments and ensure that we meet our objectives
