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STC's Financial Results Improve in H1 2018

STC's Financial Results Improve in H1 2018
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STC's Financial Results Improve in H1 2018

STC's Financial Results Improve in H1 2018

Saudi Telecoms achieved positive growth in their announced results for the first half of 2018, with an improvement of 3.33 percent compared to the same period of 2017.

Saudi Telecom Company (STC) supported the improvement in the financial results of the Telecom sector.

It announced achieving a total profit of SR5.03 billion ($1.34 billion) during the first half of 2018, recording a positive growth rate of 2.87 percent.

Zain Saudi Arabia, for its part, showed a remarkable improvement in the level of revenues achieved during the first half of 2018, which confirms the company's ability to move forward in expanding its market share and increase the efficiency of its operational capabilities.

While Saudi Arabia's Mobily reported a 51.2 percent improvement in reduction of losses in the first half of 2018 compared to the same period last year.

The Saudi Telecom sector is expected to play a significant role in enhancing the investment attractiveness of the Saudi stock market, especially that the financial results of the sector have started to improve significantly since the Kingdom decided to reorganize the sector through a package of incentive legislation over the past two years.

These developments come as the Communications and Information Technology Commission (CITC) is working to raise the quality of telecommunications services in the country.

It has recently announced a new update to regulate the quality of service provided by licensed telecommunications service providers, explaining that the new update will enter into force starting from the fourth quarter of 2018.

"This update aims to develop CIT services, provide high-quality communication services to subscribers, stimulate competition among service providers and enhance customer transparency by disseminating the comparative data of service providers and ensuring a minimum quality of telecommunications services to subscribers," CITC said in this regard.

It stressed that these moves will stimulate digital transformation to achieve the objectives of the National Transformation Program 2020 and the Kingdom’s Vision 2030.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.