Complex Made Simple

Knowledge Economic City and Saudi Telecom join forces

The Riyadh-based Tadawul All Share Index advanced by 0.32 per cent, reaching 8,412.32 points on Tuesday, December 17. SABIC finished 0.23 per cent higher at SR110.50. Shares of Knowledge Economic City (KEC) closed even at SR17.25, while Saudi Telecom (STC) fell by 0.75 per cent to SR52.75. Earlier in the day, KEC said that it signed a partnership agreement with STC for linking 40 km in the KEC to the fiber technology and establishing the telecommunications infrastructure for the city. It will also develop it by offering the finest communication services and information technology that commensurate with the status of KEC and its role in keeping up with the era. KEC is the third of six economic cities initiated by the Saudi Arabian General Investment Authority, which is located in Madina. “This agreement has been built on a build/operate/transfer of ownership basis, ensuring STC develops a smart infrastructure network, operates it and then transfers its ownership by the end of the concession period to KEC as it will be responsible for the implementation of the civil works, which will be formulated by a contractor in accordance with the criteria established by STC and under its management and supervision,” revealed KEC in a statement to the Tadawul market.

 

Gérard Al-Fil