Page 22 - SAMENA Trends - June-July 2020

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

MEMBERS NEWS

stc Group ranked 1st as top Telecom Company in
the MENA Region: “Forbes”

According to the recent publication by stc Group boasts a wide range of products 2000 international companies ranked
international Forbes magazine, Kuwait and service to enrich the lives of both according to the size of their assets, market
Telecommunications Company (stc), individual and corporate customers, value, net profits and revenues in equitable
a world-class digital leader providing enabling digital transformation, even shares. In 2019, Forbes selected stc Group
innovative services and platforms with the high demand witnessed during amongst the first digital companies in the
to customers enabling the digital the current COVID-19 crisis. stc is keen MENA region and among the best 44 digital
transformation, announced the parent on offering its customers, with the latest companies in the world. According to
company (stc Group) ranked 1st amongst technologies and digital media services Forbes’ list, stc Group is among the Middle
the top telecom companies in the MENA while capitalizing on the parent company’s East’s top 100 companies in 2020, ranked
region. As a subsidiary of stc Group, stc (stc Group) expertise and resources in this 8th amongst the top Arab companies
– Kuwait is proud to be a part of such area, which in return widens the range of and 335th internationally. During 2019,
a powerful digital leader with a solid services proactively. Forbes announced its the parent company (stc Group), located
branding position and vast capabilities. annual "Global 2000" list, which includes in KSA, improved its performance with a
4.46% increase in revenues. The Company
also increased its net profits by 5.93% for
the first quarter of 2020 compared to the
same quarter of the previous year. The
18th publication of the Forbes annual
“Global 2000” ranking also discussed the
recent challenges businesses are facing
while giving a fair warning of the negative
repercussions that would follow in the
upcoming period. While the majority of
companies mentioned in the “Global 2000”
have already witnessed a substantial
decrease in their market value compared
to the year before, due to the harsh impact
of the total lockdown, the telecom industry
in the MENA region proved to be among
the least affected industries. stc Group
managed to maintain its strong market
position by increasing its revenue and
profitability, especially with the launch of
recent 5G products and services.

stc: 1128% Increase In Remote Working

Remote working in Saudi Arabia has strategy was the digitization of business of stc's digital transformation plans and
increased by 1128%, stc declared in a and the promotion of remote work for a fruit of the company's efforts that are
press release referring to 3500 daily virtual employees. stc noted that working aimed at fostering a professional work
meetings held by stc employees. It reflects remotely for five days a month was a environment that attracts local and
the success of stc's digital transformation benefit its employees enjoyed prior to the international talents. In a press release,
plan in accordance with the company's adoption of home quarantine measures the company noted that it is proud of the
DARE strategy which was launched in which compelled everyone to adopt impressive success figures it has achieved
2018. One of the major objectives of the remote work. This feature is a reflection in light of its digital transformation

22 JUNE-JULY 2020