Saudi Telecom Company (STC), in association with Technological Investment Company and National Data Systems Company, plans to establish a limited joint stock company.

STC will have a 50 per cent stake in the new Riyadh-based company, which will be involved in establishing and operating electronic markets and centres, holding auctions and conducting all types of commercial transactions, said a report in the Arab News.

‘STC’s board of directors has agreed that the company take 50 per cent stake in the new firm,’ president of STC Saud Al Dowaish is quoted to have said.

STC’s investment in the new trading company comes at a time when there is increased demand for electronic services in the local market and the Kingdom has decided to activate e-government by allocating SR3 billion ($799 million) for infrastructure facilities required for the programme, the report added.

The e-government programme aims at providing more than 1,000 services by 40 government departments. ‘This government move will increase demand for electronic solutions,’ he said, adding that the new company would play a leading role in facilitating electronic services.

Source- http://www.tradearabia.com