The Saudi Ministry of Communications and Information Technology (MCIT) has inked an agreement by which it will provide a financial support of SAR2.7 billion ($720 million). To be utilised for the deployment of fibre-optic services in urban areas, the amount will be paid in regular installments according to the scope of work carried out.
The MCIT will also provide STC with ‘financial and regulatory exemptions’. Ownership, operation and management of the fibre-optic network and the provision of services to end-users will be carried out by the STC.
In May 2017 STC signed an agreement with the MCIT and CITC for the deployment of fibre-optics in the Kingdom of Saudi Arabia. The government-led project is aiming to link 1.3 million households with high speed services by 2020, according to TeleGeography.