Saudi sovereign fund PIF, stc Group ink JV to form IoT-focused company

Saudi sovereign fund PIF, stc Group ink JV to form IoT-focused company

Pic Credit: Wikimedia Commons

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).

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