STC CEO: Redesigning our Strategy, Shifting Away from Traditional Areas

STC CEO Dr. Khalid Bin Hussein al-Bayari. (Asharq Al-Awsat Arabic)
STC CEO Dr. Khalid Bin Hussein al-Bayari. (Asharq Al-Awsat Arabic)
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STC CEO: Redesigning our Strategy, Shifting Away from Traditional Areas

STC CEO Dr. Khalid Bin Hussein al-Bayari. (Asharq Al-Awsat Arabic)
STC CEO Dr. Khalid Bin Hussein al-Bayari. (Asharq Al-Awsat Arabic)

Saudi Telecom Company (STC) has depended on a new strategy that focuses on growth via new areas and not the traditional telecommunications areas, said STC CEO Dr. Khalid al-Bayari, adding that this strategy includes the digital content, digital financial services and the information technology in addition to the limited geography.

Bayari stated that new investments will be centered in the region. “The whole point is that our investments meet with new services,” he said, clarifying that any company that doesn’t adopt the new conditions will face troubles.

On the sidelines of STC participation in GITEX, Bayari told Asharq Al-Awsat that “Our strategy is inspired from the Saudi Vision 2030.” He added that STC works on restructuring skills in which it intends to launch an academy that focuses on building new digital capabilities for the youths. “I think this will have a direct impact on the Saudi Vision 2030,” he noted.

“We have a venture investment fund that is the greatest venture fund in the region and it emphasizes on the new economy, especially that in our region we have a problem in funding the youths who present ideas and projects. I think the fund will fill a gap in this regard and help us find other resources and an additional income for the company” he added.

Further, the company is holding serious discussions to provide financial services through the mobiles.

Back to the strategy, Bayari said: “We deal with the challenges facing the traditional telecommunications sector but STC focused on a growth strategy, which is part of an acquisition of companies operating in specific fields.”



Gold Gains over 1% as Dollar, Yields Ease; Spotlight on Trade

A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
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Gold Gains over 1% as Dollar, Yields Ease; Spotlight on Trade

A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo
A gold seller arranges gold bracelets at a gold shop in Bangkok's Chinatown, Thailand, January 27, 2025. REUTERS/Chalinee Thirasupa/ File Photo

Gold prices gained over 1% on Monday as the dollar and US bond yields weakened amid uncertainty over trade talks ahead of a US deadline of August 1 for countries to strike deals or face more tariffs.

Spot gold was up 1.2% at $3,390.79 per ounce at 9:52 ET (1352 GMT). US gold futures were up 1.3% to $3,402.40.

The US dollar index was down 0.4%, making dollar-denominated gold more affordable for buyers using other currencies, while benchmark 10-year U.S. Treasury yields hit a more than one-week low, Reuters reported.

"With the August 1st deadline looming, it brings a level of uncertainty to the market and that certainly is supportive," said David Meger, director of metals trading at High Ridge Futures.

The European Union is exploring a broader set of possible counter-measures against the US as prospects for an acceptable trade agreement with Washington fade, according to EU diplomats.

On the interest rate front, traders are pricing about a 63% chance of a rate cut in September, according to the CME FedWatch Tool.

U.S. Treasury Secretary Scott Bessent said the entire Federal Reserve needed to be examined as an institution and whether it had been successful.

Talk of earlier than expected U.S. rate cuts is building, with speculation around a possible replacement of Fed Chair Jerome Powell and reshaping of the Fed adding to market jitters, Meger said.

Gold is considered a hedge against uncertainty and tends to perform well in a low interest rate environment.

Data showed that the world's leading gold consumer, China, brought in 63 metric tons of the precious metal last month, the lowest amount since January. Its imports of platinum in June fell 6.1% from the prior month.

Spot silver gained 1.8% to $38.86 per ounce, platinum rose 2.2% to $1,453.17 and palladium was 3.5% higher at $1,284.46.