The Public Investment Fund (PIF) and stc Group (stc) said on Friday that they had signed a joint venture agreement to establish a new company focused on the Internet of Things (IoT).
IoT, the concept of connecting household devices to the internet, is projected to reach 10.8 billion riyals ($2.88 billion) by 2025 with an annual growth rate of 12.8%, the statement said, citing data from the International Data Corporation (IDC).
