China Telecom Global, a provider of integrated telecommunication services, and telecoms services provider and enabler STC Group of Saudi Arabia have signed a memorandum of understanding (MoU) to strengthen their combined IoT business, and, as the partners put it, “explore business opportunities and innovations that will achieve common goals for both parties”.
In more concrete terms, the primary aim of the MoU will revolve around the strategic development of IoT industries, especially connected car projects in Saudi Arabia.
Over the past few decades, Chinese automobile companies have solidified their presence in Saudi Arabia by exporting new and innovative vehicles. Thus CTG and STC have entered a mutual agreement to leverage their respective IoT services and expertise to usher in the next generation of connected transportation and vehicles.
This, it is claimed, will allow CTG to further expand its market-leading IoT solutions in the country and enhance Saudi Arabia's position as an interconnected hub in the Middle East. The agreement will, the two companies say, provide an opportunity for both parties to promote growth in strategic areas and capture synergies that will go towards fulfilling the obligations of the MoU.
IoT services in Saudi Arabia and the region will be scaled up through different technologies and digital solutions supported by the combined knowledge of the parties involved. This will mainly apply to the connected cars project, but the two companies expect there will be additional IoT prospects in the pipeline.