Saudi’s solutions by stc completes first-of-its-kind acquisition of Giza Systems with an enterprise value of 158 million dollars
Saudi Arabia-based solutions by stc, which is a leading enabler of digital transformation in the Kingdom, has completed the acquisition of 88.19% stakes of Giza Systems with an enterprise value worth 158 million dollars.
The acquisition, which is the first of its kind, marks the leading role of solutions by stc in enabling digital transformation in Saudi Arabia in line with Vision 2030, where Saudi Arabia aims to increase the contribution of the Information Technology and Communications sector towards national GDP to reach $13.3 billion, and the development of the sector by 50% by 2030.
Ambitious growth strategy
This deal represents an important step towards implementing the ambitious growth strategy set by stc Group to expand into new markets and business lines, and to invest in promising business opportunities, as a result of the increased demand for communications and information technology services in the region's markets.
Commenting on the completion of the acquisition, Eng. Omar Al Nomani, CEO of Solutions, said: “This acquisition confirms our commitment towards achieving the ambitious goals of our growth strategy of stc Group. Therefore, we made this strategic decision to acquire Giza Systems in order to accelerate our growth and consolidate our position as the leader in the telecommunications and information technology market at a regional level.” He added, "Giza Systems will remain independent and we will work together in order to diversify our offering to our clients within Saudi Arabia and beyond."
Exceptional growth
Osama Sorour, CEO, Giza Systems said: “solutions by stc’s acquisition of Giza Systems comes at a time when the regional markets are witnessing an exceptional growth in the ICT sector. Our synergies will enable us to expand our digital offers in the region. Giza Systems is proud to be part of this significant milestone, through which it can accelerate its growth and gain more access to the thriving Saudi market.”
It is worth noting that the first announcement of this acquisition was made in April of this year, when Giza Systems announced that it had received an offer from solutions which was approved by its board of directors.
Giza Systems is a pioneer in its field, providing services that include systems and application integration, as well as emerging technologies. The company’s offices serve its clients in more than 25 countries around the world.Global Alliance on Green Economy launched during World Green Economy Summit in Dubai
Under the patronage of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the 8th World Green Economy Summit (WGES) concluded in Dubai. It was organised by the World Green Economy Organization (WGEO), Dubai Electricity and Water Authority (DEWA), and the Dubai Supreme Council of Energy. The summit was held under the theme ‘Climate Action Leadership through Collaboration: The Roadmap to Net-Zero’. A large number of ministers, experts, decision-makers, officials, representatives of institutions, and the academic community from around the world took part in the Summit.
Prioritizing a green economy
During a ministerial roundtable on green economy at WGES with around 25 ministers and officials from around the world, HE Saeed Mohammed Al Tayer, Chairman of WGEO and MD&CEO of DEWA, launched the ‘Global Alliance on Green Economy’ to build a coalition of countries, prioritising a green economy in the context of climate action and sustainable development, to enhance the capacity of developing countries, provide support for their green economy transition projects and exchange knowledge on implementation.
Al Tayer said that the Alliance will continue to grow, be replicated, and be upscaled in various domains. He invited leaders across the world to join this journey and support effective green economic solutions that address the current economic and environmental needs.
“If we want to fast-track our transition to a green economy, we must all work together, and to do so, we need one platform with one common objective. The UAE Global Alliance on Green Economy seeks to provide such a platform. I extend my sincere appreciation to WGEO for supporting the Alliance. I look forward to achieving new milestones with our partners, learning from each other, and inspiring each other to reach new heights in our shared pursuit of a sustainable way of life,” said HE Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and Environment.
