stc Group partners eWTP Arabia Capital and Alibaba Cloud, investing $500 Mln in cloud services

stc Group announced investing around $500 Million in cloud services in a partnership with eWTP Arabia Capital, one of the largest venture capital funds in the region, and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group.

Through this project, stc aims to reinforce digital infrastructure and to leverage the proven cloud-based technologies and services of Alibaba Cloud to accelerate the growth of local technology ecosystem, in alignment with its “DARE” strategy and Vision 2030 objectives. 

Also, it will help Saudi Arabia to become the digital and cloud services hup in the MENA region.

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