The Arab Internet and Communications Services Company Solutions announced that it had signed a group of contracts with Saudi Telecom Group STC for a period of two years, worth 300 million riyals.
The company explained in a statement to Tadawul on Wednesday that the contract aims to provide comprehensive managed services by building and expanding cloud infrastructure platforms in data centers and managing and operating the infrastructure for various applications.
It indicated that the contracts include operating the application infrastructure at various scales (servers, internal networks, etc.), managing the application infrastructure through supporting and operating it (servers, internal networks, etc.), building and expanding cloud infrastructure platforms, and providing cloud consulting services.
She expected the financial impact to appear on the financial statements starting in the fourth quarter, indicating that STC is a related party as it is considered the largest shareholder in the company and owns 79% of Solutions shares.
