- Alharbi: We aim to support the government’s digital transformation journey and invest in the infrastructure of the Telecommunications industry
- Al-Fulaij: NBK is the top partner of leading local and regional companies in financing their expansion plans
Kuwait: Kuwait Telecommunications Company – stc, signed a long-term financing facility with the National Bank of Kuwait (NBK) Group. The KD50 million facility, extending for a period of 6 years, supports stc’s vision in enabling digital transformation and implementing its expansion strategy across its core businesses through acquisition transactions and expanding the operational activities while covering the capital expenditure.
The Executive Management Teams from both entities attended the signing ceremony held at stc Head Quarters, where the agreement was concluded in the presence of engineer Maziad Alharbi, stc – Kuwait Chief Executive Officer, Salah Al-Fulaij, NBK – Kuwait Chief Executive Officer, Mohammed Al-Faran, stc – Kuwait Chief Financial Officer and Ali Fardan, NBK – Bahrain General Manager.
On this occasion, Alharbi, stc – Kuwait CEO, said, “This agreement reflects the strategic partnership and the mutual trust shared between stc and NBK since the commercial launch of stc in Kuwait. On the side line of this ceremony, I would like to take this opportunity to thank NBK’s & stc executive management along with their respective teams for their ongoing support and cooperation in arranging and executing this mutual beneficial transaction.”
He added, "This agreement supports the Kuwaiti economy and the country’s future growth prospects where stc aims to support the government’s digital transformation journey within the business sector, and to offer innovative solutions. Additionally, this financing facility agreement reflects the banking industry’s trust in stc’s operational & financial performance for the high quality and good cash flows that stc has maintained. This agreement will also support stc in implementing its sustainable business growth and expansion strategy, while switching from providing traditional services to offering digital, cloud, internet of things (IOT), Data Center as well advanced IT solutions within the integrated communications technology sector, in line with Kuwait’s digital transformation journey.”
Alharbi added, “stc’s future plans focuses on gaining market leadership and being a pioneer through providing an effective model based on its digital platforms where stc seeks to enter strategic partnerships within the ICT sector and explore more smart investments to address the challenges in the market”
Alharbi also said, "We will spare no effort towards enhancing the efficiency of our business model and the wide array of offerings and quality services. Our goal is to provide exceptional services to our individual customers and support the needs of our enterprise customers, whether they are large corporations or SMEs, by providing flexible and seamless integrated solutions under one umbrella of unique services, ultimately creating an added value to shareholders and stakeholders alike.”
On his part, Salah Al-Fulaij, the Chief Executive Officer of NBK – Kuwait, said, “This financing deal is a new demonstration of the solid and long-standing relations between NBK Group and stc.”
Al-Fulaij noted that NBK maintains its leading position as the bank of choice for financing major deals and mega projects in Kuwait, thanks to its strong balance sheet and long experience, in addition to the exceptional and sustainable relations with its clients at the local and international levels.
“NBK enjoys a strong financial position and a dominant share in the trade finance market, which ensures its participation in major deals across many vital sectors, thanks to its top-notch customer service and the added value it provides, supported by its regional and international footprint,” he added.
Al-Fulaij stressed that NBK continues to seize opportunities on the local and regional arenas, based on its historical role in leading alliances of mega deals and financing major strategic projects across many sectors, consolidating its leading position as the top partner of leading local and regional companies in financing their expansion plans.
Leading the local market with international reach
NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking arena. The bank has been consistently awarded with one of the highest credit ratings of all banks in the region from Moody’s, Standard & Poor’s, and Fitch Ratings. NBK has a wide local and international network of branches across 4 continents, with its international presence extending to cover many of the world’s leading financial centres including China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Egypt, Bahrain, Saudi Arabia, Iraq, and the UAE.
Innovative solutions and a strong track record
stc has succeeded in attracting investments from the private sector, driving the economy, and repositioning the telecom sector as one of the most pivotal and active sectors contributing to the evolution of global technology. Based on the rising demand for digital transformation, stc has been consistently implementing its plan that aims to continue providing pioneering services, digital solutions, and telecom services to its customers.
The digital transformation strategy developed and implemented by stc throughout the past few years was a major factor that aided in the Company’s success. Through these achievements, stc managed to make outstanding contributions to the local economy and government initiatives and the increasing demand of digital and IT solutions that supports Kuwait Vision “Kuwait 2035”.
Kuwait Telecommunications Company (stc) is a Kuwaiti shareholding company incorporated pursuant to Amiri Decree No. 187 on 22 July, 2008, to operate and manage the third GSM mobile network in Kuwait as per Law No. 2 of 2007. Accordingly, stc launched its operations in December 2008 and was listed on Boursa Kuwait in December 2014. It is a world-class digital leader providing innovative services and platforms to customers and enabling the digital transformation in Kuwait, and is a subsidiary of stc Group. stc has rapidly reached a leadership stance in the market through its customer and employee centric strategy.
stc offers an innovative range of world-class products, services and solutions with high quality, that cater to the customers’ needs and demands, both for individuals and enterprises (solutions by stc). In 2019, stc acquired 100% of the share capital of the Internet Service Provider, Qualitynet General Trading and Contracting Company (solutions by stc) in Kuwait.
stc offers high internet speeds due to the implementation of the most advanced 5G network and deployment of the largest network nationwide.
NBK was founded in 1952 as the first home-grown bank and the first joint stock company in Kuwait and the Gulf Region. NBK reported net profits of USD 1.2 billion (KD 362.2 million) for 2021. NBK's total assets were USD 109.9 billion (KD 33.3 billion) at the end of 2021, while shareholder equity stood at USD 11 billion (KD 3.3 billion). NBK is the largest financial institution in Kuwait with effective market dominance in the commercial banking market and has been consistently awarded the highest credit rating of all banks in the region from Moody's, Standard & Poor's, and Fitch Ratings. NBK also stands out in terms of its local and international network, which includes branches and subsidiaries in China, Geneva, London, Paris, New York, and Singapore alongside its regional presence in Lebanon, Egypt, Bahrain, Saudi Arabia, Iraq, and the UAE.
Long-Term Credit Ratings:
- Moody’s A1
- Fitch Ratings A+
- Standard & Poor’s A
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