11. stc Group

Country: Saudi Arabia
Sector: Telecommunications
Group CEO: Olayan Mohammed Alwetaid
Market Value: $51.1 billion
Sales: $19.3 billion
Profits: $3.6 billion
Assets: $42.6 billion

The stc Group is one of the largest telecom operators in Saudi Arabia. As of March 2024, it had a customer base of 26.92 million mobile subscribers and 5.64 million fixed subscribers. In 2023, TAWAL, one of stc’s subsidiaries, completed the acquisition of United Group’s telecom tower assets in Bulgaria, Croatia, and Slovenia, bringing its total tower portfolio now to over 21,000 towers across five countries. The group also acquired a 9.9% stake in Telefónica for $2.3 billion. In April 2024, Saudi’s Public Investment Fund signed a definitive agreement with the stc Group to acquire a 51% stake in TAWAL with an enterprise value of $5.85 billion.