The Saudi Public Investment Fund (PIF) and STC have announced that they’ve signed an agreement to establish a new company specialized in the field of the internet of things. This news comes after they’ve acquired a formal approval from related sectors as part of their effort to provide supportive adoption of these technologies within the Kingdom. Company ownership and shares will be split evenly; 50% to both PIF and STC respectively, setting up its headquarters in Riyadh. The newly-established company aims to promote the adoption of internet of things technologies as an independent provider of tech solutions, supporting manufacturing and logistic services sectors in addition to smart cities. The company’s goal is to provide solutions in various fields from implementing and managing projects, consultations, services, and training, to presenting innovative funding solutions to support the adoption of internet of things technologies.
