11. stc Group

Country: Saudi Arabia
Sector: Telecommunications
Group CEO : Olayan Mohammed Alwetaid
Market Value: $59.2 billion
Sales: $18 billion
Profits: $3.3 billion
Assets: $36.6 billion

stc Group is one of the largest telecom operators in Saudi Arabia. The group increased its capital from $5.3 billion to $13.3 billion in July 2022 through the issuance of bonus shares. In October 2022, stc received a non-binding offer from Saudi’s Public Investment Fund, which owns a 64% stake in the group, to buy 51% of stc’s subsidiary, Telecom Towers Company (TAWAL), at a valuation of $5.9 billion. As of May 2023, the stc Group had invested more than $933.3 million in social, educational, and health initiatives.