Friday, 24 March, 2023
Saudi Arabia's sovereign fund, stc group to create IOT company
<p>The Public Investment Fund (PIF) and the stc Group (stc) announced on Friday that they had signed a partnership deal to create a new Internet of Things company. According to the statement, IoT, or the idea of linking household gadgets to the internet, is expected to reach $2.88B by 2025, with a 12.8% annual growth rate, as per estimates from the International Data Corporation (IDC). The PIF will own 50% of the new business, which will be located in Riyadh, and stc will own 50%.</p>
Read full story at Reuters
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