Saudi Telecom builds 450 locations for launching 5G network services

This step follows building the first live location for 5G network during May 2018, according to STC’s statement.

The firm further noted that it is currently working on to complete the next phases to expand in providing 5G services.

STC further noted that it expected the spread of 5G services by the end of H1-19.

The Tadawul-listed company’s plans to provide 5G services is a part of Saudi Vision 2030.

By the end of February last year, the telecoms operator inked a deal with Huawei to collaborate in the field of fifth generation (5G) wireless networks and technology.

In the beginning of March, STC signed a memorandum of understanding (MoU) with Cisco Systems to develop the networks of fifth generation (5G) across the kingdom.

STC last reported a 22% year-on-year rise in profits after calculating Zakat and Tax during the fourth quarter of 2018, logging SAR 3.11 billion from October to December 2018, compared to SAR 2.55 billion a year earlier.

From January to December last year, the firm’s profits after calculating Zakat and Tax amounted to SAR 10.79 billion, up from SAR 10.02 billion.

STC’s stock inched down 0.10% to close Sunday’s trading activities at SAR 99.50.