Saudi Telecom Company (STC) signed on Friday a memorandum of understanding with South Korean Telecom (SK Telecom) to collaborate on the development of innovation capabilities in Saudi Arabia by benchmarking Korea's Creative Economy Concept.
 
“The strategic cooperation between Saudi Telecom Company and SK Telecom is significant not just for the two companies but also for the two nations,” Jang Dong-hyun, president and chief executive of SK Telecom, was quoted as saying in Korea IT Times. “It will provide a chance for customers of the two companies to experience innovative technologies, overcoming the geographical limitations, while playing a pivotal role in revitalizing economic growth of both Korea and Saudi Arabia.”
 
Both operators agreed to explore development of mutually rewarding business opportunities in Saudi and potentially the region; particularly in areas of digital healthcare, education, and smart cities, according to the company’s statement to Tadawul, Saudi Arabia’s bourse.
 
“This cooperation will depend on practices that accelerate the development of technology solutions to raise the performance efficiency of individuals, businesses, and government performance,” said Abdulaziz Al Sugair, STC’s chief executive officer and managing director.

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