Saudi Telecom signs fibre optic broadband agreement

Saudi Telecom Co (STC) said on Sunday it has signed an agreement with the government of Saudi Arabia to provide high-speed fibre optic broadband services.

The project is expected to cost around 7.3 billion riyals ($1.95 billion), connecting 1.3 million housing units with fibre optic lines, the company said in a bourse statement.

STC will be responsible for connecting 60 percent of the housing units, an STC spokesman told Reuters.

The project is scheduled to be completed by the end of 2020.