STC acquires majority stake in leading domestic ISP

AwalNet recently decided against bidding for a second fixed-line telecoms licence in the kingdom, having stated back in December that it was leading a consortium looking to break STC's fixed-line monopoly.

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By  Tawanda Chihota Published  March 21, 2007

Saudi Telecom is set to acquire a majority stake in local internet service provider AwalNet. The ISP is the kingdom’s largest with an estimated 20% share of the 2.5 million internet users in the country. AlwalNet has built and manages a robust backbone network across Saudi Arabia, and its infrastructure is interconnected to AwalNet operations in Riyadh, achieving domestic and international coverage. STC did not release any information with respect to the amount being paid for the majority stake in the ISP, or the exact majority percentage stake it has acquired. AwalNet recently decided against bidding for a second fixed-line telecoms licence in the kingdom, having stated back in December that it was leading a consortium looking to break STC's fixed-line monopoly.

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