stc CEO says Shareek drives progress of SAR 4.5 bln submarine cable project

Olayan Alwetaid, CEO of stc

The support provided by the Private Sector Partnership Reinforcement Center (Shareek) is the key driver behind the progress of submarine cable project, said Olayan Alwetaid, CEO of stc.

This statement came during a panel discussion at the ceremony of announcing the first wave of supported projects for large companies joining Shareek.

He added that this will contribute to offering new job opportunities and building a new economy for the Kingdom.

This is a qualitative and strategic project due to the strategic geographical location of the Kingdom between Asia, Africa, and Europe, Alwetaid said.

He noted that the project aims to develop new data traffic routes from the Kingdom towards the west, reaching Greece, France, Italy, and Spain, and towards the east, reaching India and Singapore.

The SAR 4.5 billion project enhances the creation of a new infrastructure that allows the development of the technology industry in the Kingdom.

The strategic objectives of the project will boost the Kingdom's position in the world's data traffic, which gives a new dimension to the digital economy, the CEO said. He added that this will help attract investments as well as technology companies and their products. It will also help open new markets for Saudi companies to export their technical services via this technology and new system.

He pointed out that Shareek stimulates the private sector to continue making qualitative investments that will help achieve Vision 2030 goals.

Shareek announced on March 1 the first package of supported projects for eight companies, at a total value of SAR 192.4 billion, to enable 12 private sector projects in four vital sectors, according to data compiled by Argaam.