stc is one of the biggest telecom operators in Saudi Arabia. It is 64% owned by the kingdom’s Public Investment Fund (PIF), but in September 2021, PIF announced that it would be exploring selling some of its shares while maintaining its majority state. In March 2022, stc signed an agreement with PIF to establish a jointly-owned company specializing in services related to the Internet of Things. stc also plans to create a new data center company with an initial capital of $26.7 million. Solutions by stc debuted on the Saudi Exchange in 2021, with a market value of $4.8 billion.