“The Corporate Goverance Office plays a vital role for the organization to keep solutions by stc’s brand and image as a trusted business enabler and partner to their clients. Adopting bestin-class practices is our goal to become a distinctive benchmark in our operations.”
Ahmed Naji Bajnaid
Chief Governance Officer
Board of Directors
solutions by stc are managed by a Board of Directors consisting of 9 Directors, classified according to the definitions contained in the Corporate Governance Regulations issued by the Capital Market Authority in the Kingdom of Saudi Arabia, and appointed by the Conversion General Assembly of Shareholders held on 22 December 2020.
The tenure of Directors, including the Chairman, shall be a maximum of 3 years for each session. As an exception, the Conversion General Assembly shall appoint the first Board of Directors for 5 years, and they may be reappointed unless otherwise provided in the Company’s By-laws. The current 5-year session of the Board of Directors commenced on 22 December 2020 and ends on 21 December 2025.
Composition of the Board of Directors
The nature and classification of their membership
| Name | Nature of Membership | Membership Classification | Nationality | |
| 1 | Mr. Riyadh Saeed Muawad | Chairman of the Board | Non-Executive Member | Saudi |
| 2 | Mr. Haithem Mohammed Alfaraj | Deputy Chairman of the Board | Non-Executive Member | Saudi |
| 3 | Mr. Emad Aoudah Al Aoudah | Board Member | Non-Executive Member | Saudi |
| 4 | Mr. Omar Abdulaziz Alshabibi | Board Member | Non-Executive Member | Saudi |
| 5 | Mr. Mathad Faisal Alajmi | Board Member | Non-Executive Member | Saudi |
| 6 | Mr. Mohammed Abdullah Alabbadi | Board Member | Non-Executive Member | Saudi |
| 7 | Mr. Mohammad Abdullah Alaseeri | Board Member | Independent Member | Saudi |
| 8 | Mr. Abdullatif Ali Alseif | Board Member | Independent Member | Saudi |
| 9 | Mr. Fahad Suleiman Alamoud | Board Member | Independent Member | Saudi |
Board of Directors
Mr. Riyadh Saeed Muawad
Chairman of the Board
Mr. Haithem Mohammed Alfaraj
Deputy Chairman of the Board
Mr. Emad Aoudah Al Aoudah
Member
Mr. Omar Abdulaziz Alshabibi
Member
Mr. Mathad Faisal Alajmi
Member
Mr. Mohammed Abdullah Alabbadi
Member
Mr. Mohammad Abdullah Alaseeri
Member
Mr. Abdullatif Ali Alseif
Member
Mr. Fahad Suleiman Alamoud
Member
Current Positions
- Chairman of the Board - solutions by stc
- Member of the following committees at solutions by stc:
- Executive Committee
- Investment Committee
- Chairman of the Board - Specialized by stc
- Chairman of the Board - iot2
- Vice Chairman of the Board - Saudi Cloud Computing Company (SCCC)
- Group Chief Business Officer - stc
Previous Positions
- Vice President of Corporate and Government Sales - stc
- Member of the Board - Kuwait Telecom Company (stc Kuwait)
- Held the following positions at Cisco Saudi Arabia Limited:
- Regional Manager
- Security and Defense Sales Manager
- Account Manager
- Account/Channel Manager - CA Technologies
- Account Manager - National Technology Company (Bugshan Group)
Qualifications
- Bachelor’s degree in Computer Science - Boston University, USA
- Senior Executive Program, Strategy, Innovation, and Digital Transformation
- Harvard Business School, USA (2017 - 2018)
Experience
More than 19 years of experience in the Information and Communication Technology industry
Current Positions
- Chairman of the Board - solutions by stc
- Member of the following committees at solutions by stc:
- Executive Committee
- Investment Committee
- Chairman of the Board - Specialized by stc
- Chairman of the Board - iot2
- Vice Chairman of the Board - Saudi Cloud Computing Company (SCCC)
- Group Chief Business Officer - stc
Current Positions
- Deputy Chairman of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
- Chairman of Board - sirar by stc
- Vice Chairman of the Board - Telecommunication Tower Co. Ltd (TAWAL)
- Group Chief Technology Officer - stc
Previous Positions
- Member of the Board - Specialized by stc
- Member of the Board - C4IR KSA
- Member of the Board - Mobily NCBS
- Vice President of Operations - stc
- Held a number of positions at Etihad Etisalat Company (Mobily) including:
- Chief IT Operations Officer
- Vice President of Data Hosting and Managed Services
- Vice President of IT Operations
- Director of the Data Center
- Manager, Systems Administration
- Systems Analyst - Saudi Arabian Oil Company (Aramco)
Qualifications
- Bachelor’s degree in Applied Computer Engineering - King Fahad University of Petroleum and Minerals (KFUPM), KSA
- Master of Business Administration - Hult International Business School (2022), UAE
Experience
More than 23 years of experience in the following industries:
- Information and Communication Technology
- Petroleum
Current Positions
- Deputy Chairman of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
- Chairman of Board - sirar by stc
- Vice Chairman of the Board - Telecommunication Tower Co. Ltd (TAWAL)
- Group Chief Technology Officer - stc
Current Positions
- Member of the Board – solutions by stc
- Member of the Executive Committee - solutions by stc
- Member of the Board and Executive Committee Member - Arab Satellite Communications Organization (Arabsat)
- Group Chief Shared Services Officer - stc
Previous Positions
- Held the following positions at stc:
- Vice President of Procurement and Shared Services
- Vice President of Regulatory and Corporate Affairs
- Vice President of Strategy and Projects (Acting)
- Chairman of the Board - channels by stc
- Chairman of the Board - stc Gulf Investment Holding
- Member of the Board -Bravo Company
- Member of the Board - Aqalat Real Estate Company
- Member of the Board - Specialized by stc
- CEO – National Unified Procurement Company for Medical Supplies (NUPCO)
- General Manager, Group Digital Publishing and Group Chief Information Officer - Saudi Research and Marketing Group
- General Manager - Saudi Information Technology Company (SITE)
- Public Sector Marketing and Sales Country Manager - Oracle
- Program Manager - Saudi Central Bank (SAMA)
Qualifications
- Bachelor’s degree in Information Systems - King Saud University, KSA
- Board/Corporate Governance Certificate - INSEAD Business School
- Advanced Management Program for CEO’s Certificate - INSEAD Business School
Experience
More than 32 years of experience in multiple industries including:
- Information and Communication Technology
- Finance
- Health
- Publishing
- Real Estate
Current Positions
- Member of the Board – solutions by stc
- Member of the Executive Committee - solutions by stc
- Member of the Board and Executive Committee Member - Arab Satellite Communications Organization (Arabsat)
- Group Chief Shared Services Officer - stc
Current Positions
- Member of the Board - solutions by stc
- Member of the Audit Committee - solutions by stc
- Member of the Nomination and Remuneration Committee - solutions by stc
- Member of the Board - stc Gulf Investment Holding
- Member of the Board - Telecom Commercial Investment Company Limited
- Member of the Board - channels by stc
- Chairman of the Audit and Risk Committee - channels by stc
- Vice President of Financial Reporting and Control sector - stc
Previous Positions
- Member of the Board - stc Pay
- Chairman of the Audit Committee - stc Pay
- Member of the Board - Sapphire Company Ltd
- General Manager of Financial Reporting - stc
- General Manager of Accounts - stc
Qualifications
- Bachelor’s degree in Accountancy - King Saud University, KSA
Experience
More than 25 years of experience in multiple industries including:
- Information and Communication Technology
- Finance
Current Positions
- Member of the Board - solutions by stc
- Member of the Audit Committee - solutions by stc
- Member of the Nomination and Remuneration Committee - solutions by stc
- Member of the Board - stc Gulf Investment Holding
- Member of the Board - Telecom Commercial Investment Company Limited
- Member of the Board - channels by stc
- Chairman of the Audit and Risk Committee - channels by stc
- Vice President of Financial Reporting and Control sector - stc
Current Positions
- Member of the Board - solutions by stc
- Member of the Audit Committee - solutions by stc
- Member of the Board and Chairman of the Audit Committee - Integral
- Group Chief Legal, Risk Officer and General Counsel - stc
- Member of the Board - Pearl Initiative
Previous Positions
- Member of the Board and Audit Committee Member - Saudi Iron & Steel Co. (Hadeed)
- Held the following positions at Saudi Basic Industries Corp (SABIC):
- General Manager and Chief Counsel
- Director of International Trade
- Senior Council and Manager of International Trade
- Lawyer
- Member of International Trade Committee - Gulf Petrochemicals and Chemicals Association (GPCA)
- Foreign Legal Consultant (Part-time) - King & Spalding (USA)
- Foreign Legal Consultant - Freshfields (Germany)
- Vice President of Legal Affairs and General Counsel - stc
Qualifications
- Master of Law in International Intellectual Property Law - Illinois Institute of Technology, USA
- Master of Business Administration - Georgetown University Business School, Washington DC, USA
- Bachelor of Law and LL.B - King Saud University, KSA
Experience
More than 23 years of experience in multiple industries including:
- Petrochemical
- Legal
- Non-Profit
- Information Communication and Technology
- Risk and Business Continuity
- International Trade
- Governance and Quality Excellence
- Internal Control
Current Positions
- Member of the Board - solutions by stc
- Member of the Audit Committee - solutions by stc
- Member of the Board and Chairman of the Audit Committee - Integral
- Group Chief Legal, Risk Officer and General Counsel - stc
- Member of the Board - Pearl Initiative
Current Positions
- Member of the Board - solutions by stc
- Member of the following committees at solutions by stc:
- Executive Committee
- Nomination and Remuneration Committee
- Chairman of the Board - center3 by stc
- Member of the Board - Cura
- Member of the Board - Global Leaders’ Forum
- Member of the Board - Saudi Volunteer Organization (Takatuf)
- Member of the Board and Member of the Executive Committee - specialized by stc
- Group Chief Carrier and Wholesale Officer - stc
Previous Positions
- Vice Chairman of the Board - Forus
- Member of the Board and Executive Committee Member - stc Pay
- Held the following positions at stc:
- Vice President of Strategy Execution and Corporate Affairs
- Vice President of Strategic Projects and Corporate Performance
- Chairman of the Board - Aqalat Company Limited (Aqalat)
- Held the following positions at Cisco Saudi Arabia Limited:
- Managing Director
- Deputy General Manager
- Operations Director (Public Sector)
- Regional Manager of the Local Government, Education, Military, and Defense Sectors
- Channels Account Manager
- Marketing Manager
Qualifications
- Bachelor’s degree in Systems Engineering - KFUPM, KSA, 1999
- Master of Business Administration - IE University, Spain
- Senior Executive Leadership Program - Harvard Business School, USA, 2018
Experience
More than 25 years of experience in multiple industries including:
- Telecommunication
- Information Technology
- Financial Industry / Fintech
- Real Estate
- Telehealth
Current Positions
- Member of the Board - solutions by stc
- Member of the following committees at solutions by stc:
- Executive Committee
- Nomination and Remuneration Committee
- Chairman of the Board - center3 by stc
- Member of the Board - Cura
- Member of the Board - Global Leaders’ Forum
- Member of the Board - Saudi Volunteer Organization (Takatuf)
- Member of the Board and Member of the Executive Committee - specialized by stc
- Group Chief Carrier and Wholesale Officer - stc
Current Positions
- Member of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
- Strategies and Digital Transformation Advisor to HE the Vice Minister of the Ministry of Municipal and Rural Affairs and Housing
Previous Positions
- General Manager of Research and Consulting - Traveler Security Center
- Held the following positions at The Ministry of Education:
- Policy, Technology, and Strategy Advisor
- General Manager of the Strategy Management Office
- Held the following positions at The National Information Center:
- Director of Business Development
- Policy, Technology, and Strategy Advisor
- Director of Identity Program
- Solutions Architect (National Identity Project)
- Deputy Director for Research, Development, and Technical Studies
- Technical Director (Machine Readable Passport Project)
- Design Engineer
Qualifications
- Master’s degree in Computer Engineering - Syracuse University, USA
Experience
More than 37 years of experience in multiple industries including:
- Information and Communication Technology
- Education
- Real Estate
Current Positions
- Member of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
- Strategies and Digital Transformation Advisor to HE the Vice Minister of the Ministry of Municipal and Rural Affairs and Housing
Current Positions
- Member of the Board - solutions by stc
- Chairman of the Audit Committee - solutions by stc
- Managing Director and CEO - Sabeen Investment Company
- Member of the Board - Southern Province Cement Company (SPCC)
- Member of the Board - Wisayah Global Investment Company
- Member of the Board - Al Rajhi Bank
- Member of the Board - Alnahdi Medical Company
- Member of the Board - SALIC
- Member of the Board - Albilad Tourism Fund
Previous Positions
- CEO and Member of the Board - Raidah Investment Company (RIC)
- Investment Advisor - Public Pension Agency
- Vice President and Chief Investment Officer - King Abdullah Humanitarian Foundation
- Director of Portfolio Management - Mohammed I. Alsubeaei & Sons Investment Company (MASIC)
- Held the following positions at Saudi Aramco:
- Head of Portfolio Management, Investment Management Division
- Financial Analyst, Credit and Collection Division
- Financial Analyst, Investment Management Division
- Member of the Board - HSBC Saudi Arabia
- Portfolio Manager - KAUST Investment Management Company
- Member of the Board - National Petrochemical Company (Petrochem)
- Vice Chairman of the Board - Riva Investment
- Member of the Board - Alothaim Investment Company
- Member of the Board - Olam Agri Holdings Pte. Ltd
- Member of the Board - Arabian Cement Company (ACC)
Qualifications
- Master of Business Administration (Majoring in Finance) - Boston University, USA
Experience
More than 22 years of experience in multiple industries and sectors including:
- Finance
- Petroleum
- Materials
- Humanitarian
- Government and Public Sectors
- Petrochemical
- Information and Communication Technology
Current Positions
- Member of the Board - solutions by stc
- Chairman of the Audit Committee - solutions by stc
- Managing Director and CEO - Sabeen Investment Company
- Member of the Board - Southern Province Cement Company (SPCC)
- Member of the Board - Wisayah Global Investment Company
- Member of the Board - Al Rajhi Bank
- Member of the Board - Alnahdi Medical Company
- Member of the Board - SALIC
- Member of the Board - Albilad Tourism Fund
Current Positions
- Member of the Board - solutions by stc
- Chairman of the Nomination and Remuneration Committee - solutions by stc
- Chairman of the Nomination and Remuneration Committee - Saudi Electricity Project Development Company
- CEO - Saudi Company for Visa and Travel Solutions (TASHIR)
- Member of the Board - Saudi Visa and Travel Solution Limited (Bangladesh)
- Member of the Board - The Saudi International Company for Completion and Follow-up of Visa Procedures and Approvals for Embassies (Kuwait)
- Member of the Board - Saudi Company for Visa Solutions (Qatar)
Previous Positions
- Chief Executive Officer - Sehati for Information Technology Services
- Delivery and Operations Executive Director - Saudi Technology and Security Comprehensive Control Company (Tahakom)
- ICT General Manager - The Ministry of Transport
- Held the following positions at the Ministry of Foreign Affairs:
- Deputy ICT GM
- Director of E-Services
- Quality Control Manager
- E-Government Projects Manager
- Development Team Leader
- Senior Systems Analyst and Programmer
Qualifications
- Bachelor’s degree in Information Systems - College of Computer and Information Science, King Saud University, KSA
Experience
More than 25 years of experience in multiple industries and sectors including:
- Government and Public Sectors
- Information and Communication Technology
- Traffic Solutions and Transportation
- Healthcare
- Visa, Travel, and Tourism
Current Positions
- Member of the Board - solutions by stc
- Chairman of the Nomination and Remuneration Committee - solutions by stc
- Chairman of the Nomination and Remuneration Committee - Saudi Electricity Project Development Company
- CEO - Saudi Company for Visa and Travel Solutions (TASHIR)
- Member of the Board - Saudi Visa and Travel Solution Limited (Bangladesh)
- Member of the Board - The Saudi International Company for Completion and Follow-up of Visa Procedures and Approvals for Embassies (Kuwait)
- Member of the Board - Saudi Company for Visa Solutions (Qatar)
Mr. Omer Abdullah Alnomany
Chief Executive Officer
Mr. Abdulrahman Hamad Alrubaia
Chief Financial Officer
Mr. Saleh Abdullah Alzahrani
Chief Technology Officer
Mr. Muataz Abdullah Aldharrab
Chief Strategy Officer
Mr. Rajeh Saad Albogamy
Chief Audit Officer
Mr. Ahmed Naji Bajnaid
Chief Governance Officer
Mr. Hatem Abdulhalim Elkady
Chief Partnerships and Synergies Officer
Mr. Saleh Tariq Algroony
Chief People and Corporate Services Officer
Mr. Thamir Mohammed Alhammad
Chief Business Diversification Officer
Mr. Yousef Abdulrahman Almarshad
Chief Commercial Officer
Previous Positions
- Vice President of Information Technology - stc
Qualifications
- Bachelor’s degree in Computer Engineering - King Saud University, KSA, 1994
- Senior Executive Leadership Program - Harvard University, USA, 2020
Experience
- 30 years
Previous Positions
- Vice President of Information Technology - stc
Qualifications
- Bachelor’s degree in Computer Engineering - King Saud University, KSA, 1994
- Senior Executive Leadership Program - Harvard University, USA, 2020
Experience
- 30 years
Previous Positions
- Vice President of the Finance Sector - solutions by stc
Qualifications
- Bachelor’s degree in Accountancy - King Saud University, KSA, 2003
Experience
- 20 years
Previous Positions
- Vice President of the Finance Sector - solutions by stc
Qualifications
- Bachelor’s degree in Accountancy - King Saud University, KSA, 2003
Experience
- 20 years
Previous Positions
- Vice President of Solutions Delivery - solutions by stc
Qualifications
- Bachelor’s degree in Computer Engineering - King Saud University, KSA, 1994
Experience
- 30 years
Previous Positions
- Vice President of Solutions Delivery - solutions by stc
Qualifications
- Bachelor’s degree in Computer Engineering - King Saud University, KSA, 1994
Experience
- 30 years
Previous Positions
- Vice President of Corporate Planning and Performance
Qualifications
- Master of Business Administration - Prince Sultan University, KSA, 2014
Experience
- 17 years
Previous Positions
- Vice President of Corporate Planning and Performance
Qualifications
- Master of Business Administration - Prince Sultan University, KSA, 2014
Experience
- 17 years
Previous Positions
- General Manager of Business and Technology Audit - solutions by stc
Qualifications
- Master’s degree in Project Management - The George Washington University School of Business, 2011
Experience
- 22 years
Previous Positions
- General Manager of Business and Technology Audit - solutions by stc
Qualifications
- Master’s degree in Project Management - The George Washington University School of Business, 2011
Experience
- 22 years
Previous Positions
- Vice President of Operations and Managed Services - solutions by stc
Qualifications
- Master of Business Administration - King Abdulaziz University, KSA, 2022
Experience
- 21 years
Previous Positions
- Vice President of Operations and Managed Services - solutions by stc
Qualifications
- Master of Business Administration - King Abdulaziz University, KSA, 2022
Experience
- 21 years
Previous Positions
- Advisor of Strategic Partnerships - solutions by stc
Qualifications
- Master’s degree in Computer Science - Cairo University, Egypt, 1993
Experience
- 32 years
Previous Positions
- Advisor of Strategic Partnerships - solutions by stc
Qualifications
- Master’s degree in Computer Science - Cairo University, Egypt, 1993
Experience
- 32 years
Previous Positions
- Vice President of Business Excellence - solutions by stc
Qualifications
- Bachelor’s degree in Computer Science - King Fahad University of Petroleum and Minerals (KFUPM), KSA, 2010
Experience
- 15 years
Previous Positions
- Vice President of Business Excellence - solutions by stc
Qualifications
- Bachelor’s degree in Computer Science - King Fahad University of Petroleum and Minerals (KFUPM), KSA, 2010
Experience
- 15 years
Previous Positions
- Chief Business Diversification Officer - solutions by stc
Qualifications
- Master of Business Administration - Imperial College London, UK, 2017
Experience
- 23 years
Previous Positions
- Chief Business Diversification Officer - solutions by stc
Qualifications
- Master of Business Administration - Imperial College London, UK, 2017
Experience
- 23 years
Previous Positions
- General Manager, Government Sales - solutions by stc
Qualifications
- Master’s degree in Project Management / Information Technology - Marymount University, USA, 2011
Experience
- 15 years
Previous Positions
- General Manager, Government Sales - solutions by stc
Qualifications
- Master’s degree in Project Management / Information Technology - Marymount University, USA, 2011
Experience
- 15 years
Board Committees
Affiliate Companies
| Affiliate Name | Capital | Company’s Ownership Percentage | Main Scope of Business | Country of Operation | Country of Incorporation | |
| stc for IT | SAR 262,500 (USD 70,000) | 100% | The principal activities of the subsidiary are concentrated in the information technology and communication industry domain. The products of the subsidiary involve design and development of electronics and data centers, outsourcing activities, software, application and database development, technological education, and digitization activities. | Egypt | Egypt | |
| SANAD | SAR 5,000,000 | 100% | Management and manpower services | Kingdom of Saudi Arabia | Kingdom of Saudi Arabia | |
| Giza Systems | SAR 18,050,580 (USD 4,813,488) | 88.19% | Giza Systems a leading systems integrator in the MEA region. It designs and deploys industry-specific technology solutions for asset-intensive industries such as the telecommunications, utilities, oil and gas, hospitality, and real estate among other market sectors, and assists clients streamline their operations and businesses through our portfolio of solutions, managed services, and consultancy practice. |
- Egypt - Kingdom of Saudi Arabia - United Arab Emirates - Qatar - Kenya - Tanzania - Uganda - Nigeri |
Egypt | |
| ccc by stc | SAR 4,500,000 | 100% | Contacts services | Kingdom of Saudi Arabia | Kingdom of Saudi Arabia |
Dividends Distributed During the Year
| 2023* | 2022 | |
| Ratio (of paid-up capital) | 60% | 50% |
| Total amount (SAR) | 714 million | 595 million |
*Subject to the approval of the General Assembly
solutions by stc Management Clarifications during the year 2023
There were no debt instruments issued by the Company.
There were no debt instruments issued by the Company to its subsidiaries.
The Company did not issue or grant any debt instruments convertible to shares, contractual-based securities, option rights, subscription right notes, or similar rights.
The Company did not issue any bonds, and therefore the Company did not redeem, buy, or cancel any recoverable debt instruments.
There is no arrangement or agreement under which one of the shareholders of the Company waived any rights in profits.
There is no arrangement or agreement under which one of the members of the Board of Directors or Executive Management of the Company waived any rights in profits.
The Company complied with the disclosure of components of the Senior Executive’s remuneration on aggregate, in line with the requirements of subparagraph (b) of paragraph (4) of article (93) of the Corporate Governance Regulations issued by the Capital Market Authority. However, to protect the interests of the Company, its shareholders and employees, and to avoid any damage that may occur as a result of disclosing the detailed Senior Executives’ remuneration by position, the Company did not disclose the details as per Appendix (1) of the Corporate Governance Regulations.
Consolidated financial statements were prepared in accordance with international financial standards and in accordance with the Company’s By-laws and Articles of Association with respect to the preparation and publishing of financial statements.
The Company does not have any conversion or subscription rights under any convertible debt instrument, contractually based securities, warrants, or similar rights; both issued or granted.
There were no differences from the standards approved by the Saudi Organization for Certified Public Accountants (SOCPA), which are the IFRS’s standards.
There were no comments received by the shareholders regarding the Company and its performance.
The external auditor’s report doesn’t contain any reservations on the relevant annual financial statements.
There were no arrangements or recommendations by the Board to change the Company’s external auditor.
There was no recommendation to appoint an internal auditor for the Company, as it already has an Internal Audit Division.
There were no contradictions between the Audit Committee and the resolutions of the Board of Directors, or the Board’s refusal to take them into account regarding the appointment and dismissal of the Company’s auditor, determining his fees, and evaluating his performance or not appointing an internal auditor.
There were no debt instruments for the Company, and no interests, contractual documents, or subscription rights owned by the Board of Directors, or their relatives in its shares or any of its subsidiaries.
No instance of sanctions, penalties, preventive measures, or precautionary restrictions were imposed on the Company during the year.
No investments or reserves were made or set up for the benefit of the employees of the Company.
According to Article 85 of Rules on the Offer of Securities and Continuing Obligations, the Company has not been informed of any interest in voting rights shares owned by any person (other than Board members and Senior Executives and their relatives).
