Kuwait - 21 October 2020:Kuwait Telecommunications Company – stc, a world-class digital leader providing innovative services and platforms to customers, enabling the digital transformation in Kuwait, participated in Forbes Middle East’s “Vision 2035: Kuwait’s Journey To Digitization” webinar to discuss the various initiatives implemented within both the public and private sectors to transform operations through digitization. With end to end digitization serving as a key pillar in its strategy, stc took this opportunity to showcase its primary focus areas in the path towards enabling digital transformation in Kuwait.
In line with Kuwait’s Vision 2035, the Forbes Middle East webinar held on October 13th invited industry experts to discuss, through a panel discussion, some of the key initiatives and topics that can assist the country in becoming the “Financial and Commercial Hub” in the Middle East. While the nation’s vision encompasses a wide range of attributes, the webinar focused on the tech-based solutions that can accelerate the realization of the vision through digitization. Panelists participating in the online discussion included stc Chief Technology Officer, engineer Fahad Al-Ali, as well as other executive professionals that operate in different sectors within the local market.
During the panel discussion, Al-Ali highlighted the Company’s key framework in supporting the progressive move to digital transformation, as well as the main areas of focus in stc’s digital strategy. He expressed that as a world-class digital leader, stc embraces a digital culture that incorporates digitizing and automating internal systems and processes. The Company built an agile structure and operating model that supports its go-to-market strategy, primarily focusing on the added benefits that can enhance the customer experience. To maintain customer satisfaction, stc recruits and incubates high caliber digital professionals to ensure ongoing innovation and groundbreaking solutions. stc has also developed digital manpower programs through stc Academy that are customized with up-to-date content, offering courses on digitization, technology and other important fields that suit various employee roles within the Company.
Commenting on stc’s participation, engineer Fahad A-Ali, Chief Technology Officer at stc, said, “As digital pioneers, we believe at stc that achieving end-to-end digitization will progressively evolve the local market by streamlining and efficiently executing time-consuming tasks through automation and AI based applications. We went beyond mobile connectivity to enhance our offerings by acquiring Qualitynet to provide local and international connectivity. This allows our enterprise customers to connect with global clouds and applications.”
Al-Ali added that stc provides a range of digital solutions to corporates that include data centers to infrastructures and applications. Additionally, stc offers an IoT strategy that allows companies to manage their resources more efficiently and extract the most out of their business models through digitization. The Company has also built a solid 5G infrastructure to complement these digital solutions with nationwide coverage, high internet speeds and low latencies. This will allow stc to cater to the growing demand for data, specially within the areas of AI, big data and IoT.
He added, "On behalf of stc, I would like to thank Forbes Middle East and GBM for organizing this webinar and providing Kuwait-based experts with a professional platform to discuss some of the local industry’s developments in the journey to digitization. I hope that the panel discussion provided listeners with great insights and valuable knowledge on digital transformation in Kuwait, in addition to how corporations are enabling the path towards this journey. I would also like to thank the panelists and the moderator for their informative input and ensuring the successful outcome of this webinar.”
According to the recent publication by international Forbes magazine, Kuwait Telecommunications Company (stc), announced the parent company (stc Group) ranked 1st amongst the top telecom companies in the MENA region.
As a subsidiary of stc Group, stc – Kuwait is proud to be a part of such a powerful digital leader with a solid branding position and vast capabilities. stc Group boasts a wide range of products and services to enrich the lives of both individual and corporate customers, enabling digital transformation, even with the high demand witnessed during the current COVID-19 crisis. stc is keen on offering its customers, with the latest technologies and digital media services while capitalizing on the parent company’s (stc Group) expertise and resources in this area, which in return widens the range of services proactively.
Forbes announced its annual "Global 2000" list, which includes 2000 international companies ranked according to the size of their assets, market value, net profits and revenues in equitable shares. In 2019, Forbes selected stc Group amongst the first digital companies in the MENA region and among the best 44 digital companies in the world.
According to Forbes’ list, stc Group is among the Middle East’s top 100 companies in 2020, ranked 8th amongst the top Arab companies and 335th internationally.
During 2019, the parent company (stc Group), located in KSA, improved its performance with a 4.46% increase in revenues. The Company also increased its net profits by 5.93% for the first quarter of 2020 compared to the same quarter of the previous year.
The 18th publication of the Forbes annual “Global 2000” ranking also discussed the recent challenges businesses are facing while giving a fair warning of the negative repercussions that would follow in the upcoming period.
While the majority of companies mentioned in the “Global 2000” have already witnessed a substantial decrease in their market value compared to the year before, due to the harsh impact of the total lockdown, the telecom industry in the MENA region proved to be among the least affected industries.
stc Group managed to maintain its strong market position by increasing its revenue and profitability, especially with the launch of recent 5G products and services.