Riyadh – Mubasher: Saudi Telecom Company (stc) has announced the Sustainability Innovation Hub as part of its collaboration with GCC Telco Alliance members, which include leading telecom operators from Saudi Arabia, the UAE, Bahrain, Oman, and Qatar as well as other regional and international partners.

The innovation hub project has an objective to focus on climate change in addition to endorsing the availability of affordable and dependable energy sources, according to a press release.

Meanwhile, the core objective of the hub is to devise and execute advanced, economically viable, dependable, and ecologically sound solutions for power generation through renewable energy sources, namely solar and wind energy.

It will further allow telecom operators to eliminate their dependence on traditional fuel sources in order to shift toward a greener future. In addition, the hub will foster a collaborative environment that includes telecom operators, technology providers, and research institutes to exchange knowledge, resources, and expertise.

Listed Entities

The GCC Telco Alliance includes companies trading on the GCC stock markets, such as:

The UAE’s Emirates Telecommunications Group (e&) as well as Emirates Integrated Telecommunications Company (du).

Mobile Telecommunication Company Saudi Arabia (Zain KSA).

Bahrain Telecommunications (Beyon).

Oman Telecommunications (Omantel).

The Qatari multinational telecommunications company which is headquartered in Doha Ooredoo and is trading on the majority of the GCC stock markets; Qatar Stock Exchange, Abu Dhabi Securities Exchange (ADX), Muscat Stock Exchange (MSM) as Oman Qatari Telecommunications, and Boursa Kuwait as National Mobile Telecommunications.

Moreover, the Sustainability Innovation Hub will work on bridging the gap between technology, telecom innovation, and climate action to found a low-carbon economy in addition to fast-tracking the development cycle and ensuring that new technologies within the industry are effectively implemented.

Financial Position in 9M-23

It is worth noting that the GCC listed telecom operators generated net profits during the first nine months (9M) of 2023, with e& achieving AED 7.68 billion and du logging more than AED 1.25 billion.

Saudi Arabia’s stc Group posted net profits after Zakat and tax amounting to SAR 11.02 billion.

Zain KSA, meanwhile, reported SAR 971 million worth of net profits and revenues of SAR 971 million.