STC appoints Saud bin Majed Al Daweesh as CEO for STC Group

This change represents the first phase of STC's planned development and growth in order to keep abreast with its local and international investments and enable it to lead its operations in full force as a global enterprise.

The change entails creating key new administrative units that report back into the CEO of the Group which includes two additional CEOs, one overseeing financial, sales, and marketing functions in the Kingdom of Saudi Arabia and the other heading international operations which involves managing and diversifying external investments for the Company and creating synergies amongst them.

In addition to that, a new Group CFO, Group CSO, and a Group CTO will be appointed as part of the new structure.

Commenting on his appointment, Eng. Al Daweesh, said:

"STC has been expanding internationally for the past two years and has achieved global status in a short period of time."

"In line with our expansion, we have modified our organizational structure to allow us to create the highest value from our Saudi operations as well as our other investments in Kuwait, Bahrain, Indonesia, Malaysia, India, Turkey and South Africa," Eng. Al Daweesh added that no changes to the legal or shareholding structure of STC are to occur as a result of this change.

"This is a great opportunity to give the Saudi market its due attention, while continuing to grow and solidify our position internationally and I thank the Board of Directors of STC for placing their confidence in me to continue leading this great Saudi institution," added Eng. Al Daweesh.

With increasing returns, STC took a strategic decision to expand on an international level and started implementing an ambitious expansion strategy outside its home base by investing in key markets which include Malaysia, Indonesia, India, Kuwait, Kingdom of Bahrain, and South Africa.