Omar bin Abdullah Al-Noamani, CEO of Solutions by stc, said: All legal procedures for the acquisition of “Giza Systems” have been completed. Egyptian following using the best practices followed globally.
Al-Noamani added in an interview with “Al Arabiya”, that this acquisition comes as a translation of the ambitious growth strategy of the Saudi Telecom Group, and enhances the position of “Solutions” as the largest digital enabler in the region.
He stated that this acquisition opens global markets for “Solutions” outside the Kingdom, in order to achieve better value for the company’s shareholders.
Al-Noamani explained that Giza Systems is a pioneer in digital applications and emerging technologies, adding that “through it, Solutions will be able to provide integrated services in digital applications for clients from the public and private sectors.”
And he indicated that the presence of “Giza” in more than 25 countries opens new markets outside Saudi Arabia, in addition to the promising Egyptian market, pointing to the company’s growth of more than 12%.
Regarding the company’s approach to cover the “Giza” deal through bank loans, Al-Noamani said that the company’s financial performance is good and the flows are strong, but the “Solutions” strategy takes into account global changes and considers them in all its movements, so all available options were studied, including providing liquidity to the company. Obtaining banking facilities with encouraging interest rates from the National Bank of Saudi Arabia.
He stressed that Solutions’ strategy focuses on investing in digital transformation and Vision 2030 covered this aspect and gave it a priority, adding: “We are always looking for opportunities as a digital enabler in the region and beyond.”
On the size of the company’s allocations for acquisitions, the CEO added that this depends on studying the available opportunities and their suitability to the company’s strategy in order to achieve better value for shareholders, following which the necessary budget is set.
