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stc Group Signs Strategic Agreements to Enhance Local Content

stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh
stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh
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stc Group Signs Strategic Agreements to Enhance Local Content

stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh
stc Group has signed new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh

stc Group has signed a raft of new agreements with local partners at the Public Investment Fund’s (PIF’s) Private Sector Forum in Riyadh, with the aim of enriching the local economy.

Prince Mohammad Bin Khalid Al Abdullah Al-Faisal, the chairman of the Board of Directors of stc Group attended the signings.

stc Group was represented at the Forum by its Rawafed program which also participated in a workshop dedicated to improving localization of procurement and supply chains.

The annual event brings together policymakers, key local private-sector players, visionaries, and industry leaders to discuss and catalyze and accelerate economic growth opportunities within the Kingdom’s private sector.

Commenting on the stc’s participation, CEO Olayan Al-Wetaid said: “We welcome the opportunity to participate once again at the PIF Private Sector Forum – a brilliant space to reaffirm our commitment to driving forward the Kingdom's economic agenda. At stc Group, we are dedicated to providing world-class connectivity, driving digital transformation, and empowering sustainable growth.”

He added that the signed agreements reflect stc Group’s commitment to cooperating with various local partners, and empowering innovation, and contributing to enhancing local content in line with Vision 2030's objectives.

The agreements signed covered a range of strategic stc Group objectives, from sustainability to digital transformation. They included a contract with Al Jazea Contracting & Trading Company for the establishment of a grey water treatment plant. The agreement aims to reduce water consumption and achieve broader sustainability goals.

Another agreement was signed with Master Works to enhance the customer experience by expanding stc’s capabilities to monitor new key performance indicators.

An agreement signed with Gazal, PIF’s portfolio company, to provide eco-friendly mobility movement at stc Group’s headquarters. An agreement was also signed with Simah to develop a system for integration and validation of partner data, enhancing the onboarding process, in an initiative called “Partner Hub Enhancement.”

During the forum, a contract was signed with Middle Sea for Telecommunication Establishment, Prime Gate Company, and Awnas Contracting Company to modernize infrastructure and advance sustainability efforts, specifically focusing on offloading of stc OSP (outside plant) infrastructure.

Capping stc Group’s involvement, Rawafed participated in the "Maximizing Local Content in Procurement" workshop and exhibition. The event provided the opportunity for direct registration to local partners, allowing them to showcase technological investment opportunities and provide examples of how stc Group is one of the Kingdom’s best-practice leaders in localization.

The workshop also provided an opportunity to exchange expertise and insights on how local procurement and localization of supply chains can be bolstered.

The PIF Private Sector Forum attracts elite policymakers and prestigious local private-sector institutions, along with prominent figures and specialists in the sector. It serves as a platform for dialogues to review ways of supporting local content and enhancing opportunities for private sector growth in the Kingdom.

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US May Target Samsung, Hynix, TSMC Operations in China

A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)
A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)
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US May Target Samsung, Hynix, TSMC Operations in China

A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)
A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)

The US Department of Commerce is considering revoking authorizations granted in recent years to global chipmakers Samsung, SK Hynix and TSMC, making it more difficult for them to receive US goods and technology at their plants in China, according to people familiar with the matter.

The chances of the United States withdrawing the authorizations are unclear. But with such a move, it would be harder for foreign chipmakers to operate in China, where they produce semiconductors used in a wide range of industries, Reuters said.

A White House official said the United States was "just laying the groundwork" in case the truce reached between the two countries fell apart. But the official expressed confidence that the trade agreement would go forward and that rare earths would flow from China, as agreed.

"There is currently no intention of deploying this tactic," the official said. "It's another tool we want in our toolbox in case either this agreement falls through or any other catalyst throws a wrench in bilateral relations."

Shares of US chip equipment makers that supply plants in China fell when the Wall Street Journal first reported the news earlier on Friday. KLA Corp dropped 2.4%, Lam Research fell 1.9% and Applied Materials sank 2%. Shares of Micron, a major competitor to Samsung and SK Hynix in the memory chip sector, rose 1.5%.

A TSMC spokesman declined comment. Samsung and Hynix did not immediately respond to requests for comment. Lam Research, KLA and Applied Materials did not immediately respond, either.

In October 2022, after the United States placed sweeping restrictions on US chipmaking equipment to China, it gave foreign manufacturers like Samsung and Hynix letters authorizing them to receive goods.

In 2023 and 2024, the companies received what is known as Validated End User status in order to continue the trade.

A company with VEU status is able to receive designated goods from a US company without the supplier obtaining multiple export licenses to ship to them. VEU status enables entities to receive US-controlled products and technologies "more easily, quickly and reliably," as the Commerce Department website puts it.

The VEU authorizations come with conditions, a person familiar with the matter said, including prohibitions on certain equipment and reporting requirements.

“Chipmakers will still be able to operate in China," a Commerce Department spokesperson said in a statement when asked about the possible revocations. "The new enforcement mechanisms on chips mirror licensing requirements that apply to other semiconductor companies that export to China and ensure the United States has an equal and reciprocal process.”

Industry sources said that if it became more difficult for US semiconductor equipment companies to ship to foreign multinationals, it would only help domestic Chinese competitors.

"It’s a gift," one said.