02 Aug 2017 - 23:37
Saudi Arabia to pay $1.14bn for broadband
Dubai: Saudi Arabia will pay two state firms SR4.26bn ($1.14bn) to roll out fibre optic broadband to 2 million locations, the companies said yesterday.
Saudi Telecom Co (STC) will be paid about SR2.7bn in “financial support” as part of its agreement with Saudi Arabia’s Ministry of Communications and Information Technology, the company said in a bourse statement.
That will be paid in installments and through financial and regulatory exemptions. The impact of the project on the company would be positive in the long term, STC said.
STC said in May it had signed an agreement with the government to connect 1.3 million housing units with fibre optic lines by the end of 2020.