Riyadh – Mubasher: Arabian Internet and Communications Services Company (solutions) inked a SAR 159.71 million agreement with Saudi Telecom Company (stc) on 27 July 2027.

The deal aims to renew software licenses for artificial intelligence (AI) and digital solutions to ensure the operational continuity of systems, according to a bourse filing.

The contract has a duration of three years and represents a related-party transaction, as stc is the majority shareholder in solutions with a 79% ownership stake.

Management expects the financial impact of this agreement to be reflected in the company’s financial statements starting from the third quarter (Q3) of 2026.  

Last May, the two companies signed a contract valued at SAR 484.78 million for the development and expansion of communications and internet networks for stc.