Leadership Review

Solutions by stc maintained its status as a crucial element of Saudi Arabia’s digital landscape in 2023, while also increasing its reach and broadening its scope to bring new companies into the fold. Through bold ambition and strategic acquisition, we entered a new phase of expansion, our primary goal in a year which will be remembered as a highly significant period in our history.

As we continued our journey of sustainable growth and widespread diversification, we increased our standing as a leading end-to-end solutions provider, offering our clients all the advantages of a single point of contact for their vast and varied needs. In partnering with some of the most pre-eminent global technology pioneers, we have the capabilities to adapt our services to new clients and achieve our ultimate goal of unrivalled customer satisfaction.

By absorbing established, successful, and profitable innovators, solutions by stc has undoubtedly reached new audiences, however, we have not simply relied on their existing expertise, we have driven them to new levels of service excellence.

Decades of Innovation

For more than 25 years, we have provided innovative, integrated technology to enterprises and Saudi society alike. We have long understood that it is the most rapidly evolving industry in global commerce and businesses and those which fail to evolve with it will struggle, regardless of their history and previous successes. It is for this reason that our “one stop shop” plays a pivotal role in such a broad spectrum of sectors, from healthcare, education, and retail to communications, maintenance, and government departments.

Extending our Reach

In addition, our purchase of Giza Systems expands our geographic footprint further with a presence in the Kingdom of Saudi Arabia, Egypt, and Kenya, driving growth in the design and deployment of technology solutions in industries such as telecommunications, utilities, oil and gas, and transportation.Furthermore, our 40% acquisition of Devoteam Middle East also broadens our consultancy capabilities, and the full acquisition of Contact Center Company, creating ccc by stc, will solidify and extend our services to other regional markets.

Fulfilling Technology Demands

The appetite for innovation in the Kingdom of Saudi Arabia has never been greater and through our new business relationships in 2023, we have been instrumental in fulfilling existing needs and providing futureproof solutions for the next, neverending disruptions. Increasing our network with industry giants such as Microsoft, Dell, Oracle, Cisco, and Samsung – to name but a few – reflects both our commitment to the digital transformation of the Kingdom of Saudi Arabia and the confidence of our global partners that we can achieve it.

In a year of substantial financial success, sustainable strategic investment, and far-reaching territorial gains, solutions by stc also made significant contributions to regional megaprojects including NEOM, Misk City, and the Red Sea Development Company, once again reinforcing our position as a comprehensive and flexible partner.

Our constant efforts to push the boundaries of new technology and explore their applications remain a core focus of our alliances. In joining forces with the region’s leading Artificial Intelligence developers, we will provide the most advanced AI solutions to our clients as well as reap the rewards for our own internal processes.

Community Commitment

Sustainability and social responsibility will continue to be a core element of our operations. We have continuously not only aimed to be environmentally aware in our own operations, but we have also ensured that we contribute positively to the communities in which we operate. Technology plays an integral role in promoting a circular economy, helping us to influence the regional population as a whole.

Investment in our people also remains a top priority as we continue to foster a culture of innovation and excellence, ensuring that our teams are equipped with the skills and knowledge to lead the industry.

Vision 2030

With Saudi Vision 2030 at the forefront of our strategic operations, 2023 was an outstanding year in terms of driving innovation and contributing to a knowledge- and technology-based economy. In addition, we provided a number of innovative solutions directly to Government entities, including the National Center for Government Resources, the Saudi Data and AI Authority, the Ministry of Environment, and MOI – Public Security. It is a great privilege to not only serve the Government in our role as a service provider but also to be acknowledged as a trusted and pioneering supplier.

Looking Ahead

We will continue to assess and analyze new opportunities for expansion and ensure that we remain the most advanced and diversified technology company in the Kingdom of Saudi Arabia. As we build upon a remarkable year of new ventures and new partners, our network will grow and our services will expand to reach an unparalleled level of excellence and expertise.

Acknowledgements

In conclusion, I would like to thank our valued shareholders for their role in the success of solutions by stc. Our strategic expansion continues to deliver exceptional results and not only maintains our market leadership but also strengthens our position as the most prodigious and productive provider of digital transformation in the Kingdom of Saudi Arabia.

solutions by stc delivered an outstanding year of financial and operational achievements in 2023, driven by the successes across our business portfolio and the addition of new partners. With a 25.4% growth in revenue, we have cemented our position as market leaders and reinforced our sustainable growth trajectory for the future.

Our numerous, targeted acquisitions have added dynamic new dimensions to our business units, with Core ICT Services, IT Managed and Operational Services, and Digital Services all outperforming the results of 2022.

A substantial proportion of solutions by stc’s revenue was generated from government projects in the ongoing implementation of Vision 2030 initiatives. However, there was also a significant increase in the private sector, which increased by 48% over 2022 to reach SAR 2.4 billion, reflecting the Company’s focus on SMEs and their everincreasing contribution to the national economy.

As our ambitious growth strategy continues to gather momentum, solutions by stc has broken new territorial boundaries and diversified into crucial services which have become increasingly vital to regional businesses. Technology is not only the key to success in the future, but also the lifeline to surviving and thriving in business today.

As well as providing opportunities to expand our range of expertise to a greater number of customers, our partnerships and acquisitions in 2023 also created a synergy in sharing knowledge and pooling resources, resulting in more holistic and cost-effective products and services.

Projects and Partners

We have a passion as pioneers and an instinct for innovation which aligns perfectly with the goals of our subsidiaries and partners. Our crucial advances in the development and deployment of artificial intelligence and big data secured 2 groundbreaking AI projects with Aramco and the Saudi Data and AI Authority. While these are milestones for the Company in their own right, in delivering our Aramco project, we also implemented the Kingdom of Saudi Arabia’s first NVIDIA SuperPOD supercomputer infrastructure, designed to solve the world’s most challenging AI problems. We are more than making progress, we are making history.

A key focus in 2023 centered on exciting new and emerging technologies which, while already established to some extent, have enormous potential to revolutionize personal and professional lives. With an emphasis on cyber security, data management, and the Internet of Things, we have worked with many of our new partners to explore further applications for businesses across the region, to reach new markets, and expand their customer base.

Our alliances reached far and wide in 2023, from San Francisco-based SingleStore, providing the region with premier database and realtime data analytics services, to Nile, the enterprise network technology transforming the digital realm in Kuwait, Bahrain, Oman, and Egypt.

Through our new partnership with Genesys to supply digital solutions and products using cloud technology, we were recognized during LEAP 2023 as providing the Best Digital Customer Experience by delivering “Empathy through Innovation”. We also rank among the top brands globally in terms of the volume handled on social media and chat channels via the Genesys platform.

Unified and Focused

In a year of such momentous expansion, solutions by stc now has a total workforce of 1,777, a 3% increase from 2022. It is an enormous credit to our employees that they have adjusted and integrated so seamlessly, with a shared vision of achievement, and a desire to communicate, collaborate, and cooperate for a common goal. Our Human Resources teams have extended our unique environment to new colleagues and new departments, ensuring that they all benefit from the extraordinary programs of welfare, progress, and development which are paramount to our Company culture.

Those achievements were duly recognized by HRSE Future Workplace Awards as Best Employee Engagement Program in KSA 2023, Best Recruitment and Onboarding Strategy in KSA 2023, and Best Leadership Development of the Year in the Private Sector 2023. I am also truly proud to inform you that we won Best Leadership Development of the Year in the Private Sector at the GCC Government Awards.

With our progressive Intrapreneurship program, diversity and inclusion initiatives, work-life balance, and wellbeing commitments, solutions by stc is pioneering not only in its technological advances but also in its commitment to the people who are at the heart of the Company.

In terms of our Environmental, Social and Governance commitments, we are dedicated to sustainability and contributing to the world around us through our GROW philosophy. In our efforts to create a greener planet, our ultimate goal is to achieve net zero emissions through the most advanced clean technology, enabling us to lead the market in eco-friendly processes and practices.

In our role as a provider of innovation and an employer of choice for our colleagues and co-workers, we ensure that relationship building and digital empowerment are pivotal to their satisfaction and efficiency at work. In addition, as an ethical, transparent, and diligent Company, we are wholly committed to a robust governance framework which enables us to develop and progress with utmost integrity. Not only are we working towards minimizing our own impact on the environment, but we are also widening our brief to drive a change in culture through responsible procurement throughout our supply chain.

The Journey Ahead

As we look to the future, our commitment to cutting-edge technology and its region-wide application remains our top priority. In bringing the latest innovation across a wider geographic footprint, we will bring more essential services to our customers and create greater value for public and private sectors, SMEs, and family businesses. While we are the leading digital solutions provider in the Kingdom of Saudi Arabia, the products and services our partners and subsidiaries provide are in use at every level, delivering a more time-effective and cost efficient way of working.

We will continue on our journey of sustainable expansion and identify potential relationships which would benefit solutions by stc and the wider region.

Acknowledgments

In conclusion, I would like to thank the Board of Directors and Management for their vision and expertise. My great appreciation also goes to the numerous outstanding teams at solutions by stc, who have made 2023 another year of remarkable successes through their immense collective efforts. I would also like to thank our partners for their invaluable contributions and, of course, our customers, whose satisfaction and loyalty are the mainstays of our progress.