solutions signs SAR 651.7M contracts with stc

Arabian Internet and Communications Services Co. (solutions) signed several contracts with stc, a related party, to implement a project for upgrading IT infrastructure and cloud partnerships, in addition to a project for renewing Oracle software licenses.

The total value of the contracts is SAR 651.7 million, solutions said in a statement to Tadawul.

solutions will upgrade the infrastructure through technical enhancements and improve application infrastructure serving computing systems, engineering systems, storage, backup, and databases.

As part of the deal, the company will also renew and manage the licensing agreement for Oracle systems.

The five-year contract was signed on May 18, the statement noted, adding that the relevant financial impact is expected to be reflected on the company's financial statements starting from Q2 2025.

The statement pointed out that stc is the largest shareholder in solutions, owning a 79% stake.