All data are based on the daily closing price as of July 19, 2024

KT Joins Forces with Hyundai and STC for Saudi Arabia’s Digital Infrastructure Project

KT partners with Hyundai and STC Group to construct digital infrastructure including a data center and smart city in Saudi Arabia, a milestone in bilateral cooperation
South Korea
k 030200.KO h 000720.KO Mid and Small Cap 2000
Share this on

South Korean telecom giant KT, in collaboration with Hyundai Engineering & Construction and Saudi Arabia’s STC Group, is set to embark on a transformative project to develop digital infrastructure in the Middle Eastern nation. This endeavor, announced during the 50th anniversary of Korea-Saudi construction cooperation, marks a significant stride in enhancing Saudi Arabia’s technological landscape. Through this Memorandum of Understanding (MOU), KT will leverage its digital expertise, Hyundai’s construction prowess, and STC’s network infrastructure to create an advanced Internet Data Center and a smart city. Ahead of the agreement, discussions were held with high-ranking officials from Saudi Arabia’s Communications and Space Technology Committee, underscoring the strategic importance of this initiative. The endeavor aligns with Saudi Arabia’s ‘Vision 2030’ initiative, a comprehensive plan to diversify its economy away from oil dependency and stimulate the high-tech sector. KT’s CEO, Kim Young-seop, emphasized the partnership’s significance, affirming their commitment to propel Saudi Arabia’s digital evolution through innovative solutions and collaborative efforts with the government and fellow corporations.

Share this on
Jakota Newsletter

Stay ahead in the JAKOTA stock markets with our roundup of vital insights

Icon scroll to top