Nokia Oyj (NYSE:NOK) has landed a lucrative deal with the Saudi Arabia Telecom Company (STC) to provide gear and expertise towards the building of Saudi Arabia’s first 5G network. Nokia is without doubt among the leading companies in the 5G space. The Finnish Telecommunication company has a market cap of $34.44 billion have closed the most recent market day at $6.08 a 0.49% decline move from an opening price of $6.13.
STC is among the leading telecommunication companies in the Middle East providing landline, mobile, and internet services to various customers in Saudi Arabia. STC hopes to be the first company to build a 5G network in the region thus contracting the services of Nokia.
Nokia- the self-proclaimed one-stop shop for 5G equipment will be tasked with building the first 5G Network in the western and southern part of Saudi Arabia down to the holy cities of Makka and Madinah.
Work in Progress
The preliminary phase of the project expected to be complete in by the end of 2020 is already underway. It is likely that Nokia’s offerings will serve STC customers with ultra-high bandwidth and low latency services. Subscribers will also delight new provisions of virtual reality, augmented reality and artificial intelligence.
Business operations subscribed to STC’s service will enjoy an array of the Internet of Things (IoT)vertical use cases powered by the 5G network. In general, the new network will increase operational efficiency while enhancing user experience big time.
Nokia in Great Shape Product-wise
As aforementioned, Nokia is among the elite companies dealing in the 5G space. The company has had an appealing success in the field thus attracting high-end clientele. Nokia is already doing well in North America and China, and through its strategic marketing, it is gradually expanding to newer, better markets. Upon the unveiling of the next generation 5G networks Nokia is sure to increase its market presence significantly.
STC Group CEO Nasser Al-Nasser has praised his company’s ties with Nokia noting that it will help realize the region’s 5G services vision. Additionally, Nasser said, “The project underscores our support and commitment to the National Transformation Plan 2020 and the Government’s Vision 2030 to drive Saudi Arabia’s digital transformation into a knowledge economy.”