SK Telecom - Saudi Telecom Company Sign MOU for Strategic Cooperation on the Creative Economy Concept as a New Growth Engine - Seite 2

STC, the leading telecommunications company in Saudi Arabia, has a total of 160 million subscribers in the Middle East and South East Asia. With 70 percent of its shares owned by the Saudi Government, STC plays a pivotal role in the Government's drive to achieve advancement of the national economy. Thus, the MOU between SK Telecom and STC holds a significant meaning for both SK Telecom and Korea as it marks the first case where a Korean model for economic revitalization is applied to another country, and opens the door to valuable opportunities in the Middle Eastern market for new digital/ICT-based growth businesses, including smart cities, healthcare and smart learning, the size of which is expected to reach KRW 33 trillion over the next five years.

"The strategic cooperation between Saudi Telecom Company and SK Telecom is significant not just for the two companies but also for the two nations. It will provide a chance for customers of the two companies to experience innovative technologies, overcoming the geographical limitations, while playing a pivotal role in revitalizing economic growth of both Korea and Saudi Arabia," said, Jang Dong-hyun, President and CEO of SK Telecom. "Going forward, we hope to deepen our cooperation by expanding the areas of collaboration, including innovative business areas where SK Telecom and Korean venture companies have strength such as information security solutions."

"This strategic partnership will facilitate the collaboration between firms in both Saudi and South Korea to pioneer innovative technologies and revitalize the economies of their countries," Al-Biyari, CEO of STC explained. He added that the project will incorporate best practices to accelerate the development of technological solutions which increase workflow effectiveness and efficiency for individuals, businesses, and governments.

In January 2015, senior officials of STC have visited SK Creative Economic Innovation Center to hold a joint workshop. Since then, SK Telecom has been making aggressive efforts to accelerate its cooperation with the Saudi Arabian company and the Saudi Government by dispatching a special team of experts to the Kingdom in early February to discuss measures to foster venture companies and build a win-win ecosystem for both large companies and SMEs.