Riyadh – Mubasher: The Saudi Telecom Company (STC) forecast the cloud computing market in the kingdom to grow 15% in the coming two years, company vice president for cloud services Talal Albakr said.

This growth rate is deemed the highest in the software sector, Albakr noted in a statement. 

STC had previously reported a 27.2% rise in net profits, registering SAR 2.65 billion in the fourth quarter of 2017, compared to SAR 2.08 billion in Q4-16.

During the full-year 2017, the Saudi telecommunications firm's profits rose 14.3% to SAR 10.17 billion versus SAR 8.9 billion a year earlier.

The company's stock inched up 0.41%, closing Tuesday at SAR 81.70.