At solutions by stc, we are committed to the highest standards of Corporate Governance, encompassing regulatory compliance, enterprise risk management, internal controls, and cybersecurity. These practices, aligned with industry-leading standards and international certifications, foster a culture of integrity, ethics, and sustainable decision-making. By aligning governance with strategic priorities, we drive operational excellence, sustainable growth, and value creation for our shareholders, customers, employees, and society.
Board of Directors
solutions by stc is 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 Al-Seif
Member
Mr. Fahad Suleiman Alamoud
Member
Current Positions
- Chairman of the Board - solutions by stc
- Chairman of the following committees at solutions by stc:
- Executive Committee
- Investment Committee
- Chairman of the Board - iot2
- Chairman of the Board - sirar by stc
- Vice Chairman of the Board - Saudi Cloud Computing Company (SCCC)
- Member of the Board - specialized by stc
- Group Chief Business Officer - stc
Previous Positions
- Chairman of the Board and Chairman of the Executive Committee - specialized by stc
- 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’ experience in:
- Information and Communication Technology
Current Positions
- Chairman of the Board - solutions by stc
- Chairman of the following committees at solutions by stc:
- Executive Committee
- Investment Committee
- Chairman of the Board - iot2
- Chairman of the Board - sirar by stc
- Vice Chairman of the Board - Saudi Cloud Computing Company (SCCC)
- Member of the Board - specialized by stc
- Group Chief Business Officer - stc
Current Positions
- Deputy Chairman of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
- Vice Chairman of the Board - Telecommunication Tower Co. Ltd (TAWAL)
- Group Chief Technology Officer - stc
- Member of the Board - C4IR KSA
- Member of the Board - specialized by stc
Previous Positions
- Chairman of the Board - sirar by stc
- 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 of 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
- Vice Chairman of the Board - Telecommunication Tower Co. Ltd (TAWAL)
- Group Chief Technology Officer - stc
- Member of the Board - C4IR KSA
- Member of the Board - specialized by stc
Current positions
- Member of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
- Member of the Board - specialized 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 (stc Gulf)
- Member of the Board - Bravo Company
- Member of the Board - Aqalat Real Estate Company
- CEO - National Unified Procurement Company for Medical Supplies (NUPCO)
- General Manager of 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 33 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 - specialized 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
- Member of the Board - Intigral Company
- 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
- Member of the Board - Intigral Company
- 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 - specialized by stc
- Member of the Board - Digital Investment Company (New Tawal)
- Chief Legal Officer of Risk Management and Group General Counsel - stc Group
- 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 and General Counsel for Legal Affairs - stc
- Board Member and Chairman of the Audit Committee - Integral
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 several sectors, including:
- Petrochemicals
- Legal
- Non-Profits
- Communications and Information Technology
- Quality and Risk Management
- 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 - specialized by stc
- Member of the Board - Digital Investment Company (New Tawal)
- Chief Legal Officer of Risk Management and Group General Counsel - stc Group
- 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
- Chairman of the following committees at center3:
- Executive Committee
- Nomination and Remuneration Committee
- Member of the Board - Cura
- Member of the Board - Global Leaders’ Forum
- Group Chief Carrier and Wholesale Officer - stc
Previous Positions
- Member of the Board and Executive Committee Member - specialized by stc
- Vice Chairman of the Board - Forus
- Member of the Board and Executive Committee Member - stc pay
- Member of the Board - Saudi Volunteer Organization (Takatuf)
- 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
- Chairman of the following committees at center3:
- Executive Committee
- Nomination and Remuneration Committee
- Member of the Board - Cura
- Member of the Board - Global Leaders’ Forum
- Group Chief Carrier and Wholesale Officer - stc
Current Positions
- Member of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
Previous Positions
- Policy, Strategy, and Digital Transformation Advisor to HE the Vice Minister of Municipal and Rural Affairs and Housing
- General Manager of Research and Consulting - Traveler Security Center
- Held the following positions at The Ministry of Education:
- Policy, Strategy, and Technology Advisor
- General Manager of the Strategy Management Office
- Held the following positions at The National Information Center:
- Director of Business Development
- Policy, Strategy, and Technology Advisor
- Program Manager of Identity Program
- Solutions Architect (National Identity Project)
- Technical Director (Machine Readable Passport Project)
Qualifications
- Master’s degree in Computer Engineering - Syracuse University, USA
Experience
More than 37 years of experience in multiple industries including:
- Information and Communication
- Education
- Real Estate
Current Positions
- Member of the Board - solutions by stc
- Member of the Executive Committee - solutions by stc
Current Positions
- Member of the Board - solutions by stc
- Chairman of the Audit Committee - solutions by stc
- Member of the Board 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
- Member of the Board - Awqaf Investment Company
- Member of the Board - Growth Catalyst Company
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 for Investment Management Division
- Financial Analyst of Credit and Collection Division
- Financial Analyst of 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
- Bachelor of Science in Business Administration - Boston University, USA
- Masters of Arts in Economics - Boston University, USA
- 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
- Member of the Board 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
- Member of the Board - Awqaf Investment Company
- Member of the Board - Growth Catalyst Company
Current Positions
- Member of the Board - solutions by stc
- Chairman of the Nomination and Remuneration Committee - solutions by stc
- Member of the Investment Committee - solutions by stc
- Chairman of the Nomination and Remuneration Committee - Saudi Electricity Project Development Company
- Chief Executive Officer - 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:
- ICT Deputy General Manager
- 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
- Member of the Investment Committee - solutions by stc
- Chairman of the Nomination and Remuneration Committee - Saudi Electricity Project Development Company
- Chief Executive Officer - 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. Yousef Abdulrahman Almarshad
Chief Commercial Officer
Mr. Ahmed Naji Bajnaid
Chief Governance Officer
Maher Salem Althiyabi
Chief Strategy Officer
Abdullah Turki Alotaibi
Chief Business Diversification Officer
Mr. Rajeh Saad Albogamy
Chief Audit Officer
Mr. Saleh Tariq Algroony
Chief People and Corporate Services 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 (2021)
Experience
- 31 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 (2021)
Experience
- 31 years
Previous Positions
- Vice President of the Finance Sector - solutions by stc
Qualifications
- Bachelor’s degree in Accountancy - King Saud University, KSA (2003)
Experience
- 21 years
Previous Positions
- Vice President of the Finance Sector - solutions by stc
Qualifications
- Bachelor’s degree in Accountancy - King Saud University, KSA (2003)
Experience
- 21 years
Previous Positions
- Vice President of Solutions Delivery - solutions by stc
Qualifications
- Bachelor’s degree in Computer Engineering - King Saud University, KSA (1994)
- Senior Executive Leadership Program (Executive Leadership) - Harvard Business School (2021)
Experience
- 31 years
Previous Positions
- Vice President of Solutions Delivery - solutions by stc
Qualifications
- Bachelor’s degree in Computer Engineering - King Saud University, KSA (1994)
- Senior Executive Leadership Program (Executive Leadership) - Harvard Business School (2021)
Experience
- 31 years
Previous Positions
- General Manager of Government Sales - solutions by stc
Qualifications
- Master’s degree in Project Management / Information Technology - Marymount University, USA (2011)
- Bachelor’s degree in Finance - University of Denver, Daniels College of Business, USA (2008)
Experience
- 19 years
Previous Positions
- General Manager of Government Sales - solutions by stc
Qualifications
- Master’s degree in Project Management / Information Technology - Marymount University, USA (2011)
- Bachelor’s degree in Finance - University of Denver, Daniels College of Business, USA (2008)
Experience
- 19 years
Previous Positions
- Vice President of Operations and Managed Services - solutions by stc
Qualifications
- Master of Business Administration - King Abdulaziz University, KSA (2022)
- Bachelor’s degree in Computer Engineering - King Abdulaziz University, KSA (2002)
- Senior Executive Leadership Program - Harvard Business School (2023)
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)
- Bachelor’s degree in Computer Engineering - King Abdulaziz University, KSA (2002)
- Senior Executive Leadership Program - Harvard Business School (2023)
Experience
- 21 years
Previous Positions
- General Manager of Corporate Finance - solutions by stc
Qualifications
- Bachelor’s degree in Finance - Abu Dhabi University, UAE (2010)
- Master of Business Administration - Prince Mohammed Bin Salman College of Business & Entrepreneurship, KSA (2024)
Experience
- 14 years
Previous Positions
- General Manager of Corporate Finance - solutions by stc
Qualifications
- Bachelor’s degree in Finance - Abu Dhabi University, UAE (2010)
- Master of Business Administration - Prince Mohammed Bin Salman College of Business & Entrepreneurship, KSA (2024)
Experience
- 14 years
Previous Positions
- General Manager of Presales - solutions by stc
Qualifications
- Bachelor’s degree in Information Systems - King Saud University, KSA (2007)
- Master of Business Administration - Bayes Business School (2021)
Experience
17 years
Previous Positions
- General Manager of Presales - solutions by stc
Qualifications
- Bachelor’s degree in Information Systems - King Saud University, KSA (2007)
- Master of Business Administration - Bayes Business School (2021)
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, USA (2011)
- Master’s degree in IT E-Commerce/Electronics Commerce - Queensland University of Technology, Australia (2008)
Experience
- 23 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, USA (2011)
- Master’s degree in IT E-Commerce/Electronics Commerce - Queensland University of Technology, Australia (2008)
Experience
- 23 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
16 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
16 years
Board Committees
solutions by stc Management clarifications during the year 2024
There were no debt instruments issued by the Company.
No shares or debt instruments were issued for each affiliate company.
No convertible debt instruments, contractual securities, rights issues, or similar rights were issued or granted by the Company during the fiscal year.
There was no redemption, purchase, or cancellation by the Company of any redeemable debt instruments.
No shareholder of the Company has waived any rights to dividends.
No Board member or Senior Executive has waived any remunerations.
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 (90) 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 before the end of the term for which it is appointed. It is worth to mention that what was voted on by the shareholders in the Ordinary General Assembly Meeting dated 29/05/2024 to approve the appointment of Ernest & Young to review the 1st quarter of the fiscal year 2025 was optional according to the offer submitted by them. The shareholders have approved the appointment of Deloitte as the Company’s external auditor for the aforementioned period in the Ordinary General Assembly Meeting dated 18/12/2024.
There was no recommendation to appoint a new internal auditor for the Company, as an Internal Audit Division is already established and functioning effectively in line with governance requirements.
No contradictions arose between the Audit Committee and the Board of Directors regarding decisions on the appointment, dismissal, or evaluation of the Company’s auditor, determining his fees, or the appointment of the internal auditor. The Board duly considered and addressed all relevant resolutions in these areas.
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 Board member has any competing business with the Company or any of the activities practiced by the Company.
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).
The Board of Directors’ Declarations include the following:
Records of accounts have been properly and precisely prepared
Internal control system is built on a sound basis and is effectively implemented
There were no significant doubts concerning the Company’s ability to continue carrying out its business
Conclusion
After thanking Allah Almighty, the Board of Directors would like to thank the Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud, HRH Crown Prince Mohammed Bin Salman Bin Abdulaziz Al Saud, and the Government for support extended to the Company in its progress and growth trajectory. The Board also expresses gratitude to solutions by stc’s clients and shareholders for their trust and to the Company’s employees for their commitment and dedication, which have contributed to solutions by stc’s successes. The Board confirms its commitment to innovation and excellence in developing services that exceed expectations of clients, realize shareholders’ aspirations, achieve the Kingdom of Saudi Arabia’s development objectives, and sustain the leadership position of solutions by stc in the region’s Information Technology sector.
