Slushis signed contracts with STC with 651.74 million riyals

The Arab Company for Internet and Communications (Slochins) signed yesterday a set of contracts with the Saudi Telecom Company (STC) (a related party).
The company said in a statement on Saudi Arabia’s circulation: The contracts to implement the project to update the infrastructure of information technology and cloud partnerships and the project to renew the Oracle software licenses.
She added that the value of the contracts is estimated at 651.748 million riyals, while the contract period is 5 years.
She explained that the contracts include: updating the infrastructure through “technical modernization” and improving the infrastructure of applications that serve computing, engineering systems, storage, backup and databases.
Contracts include: Implementing a project to renew Oracle software licenses, which includes renewing and managing licenses for the Oracle systems.
It stated that the financial impact on the company’s financial statements will appear from the second quarter of the year 2025 AD.
STC is the largest shareholder in the company and owns 79% of Slushns shares.