Business

‘Faster than Starlink:’ STC plans satellite internet for Saudi Arabia in 2023

The Saudi Telecommunication Company (STC) is looking to roll out high-speed satellite internet in 2023 that will eventually cover all corners of the Kingdom, according to a company executive.

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STC has already trialed the technology in the planned megacity of NEOM, STC General Manager of Business Development Saad al-Rabiah told Al Arabiya English.

“We’re looking now into moving to a larger scale this year, 2023,” al-Rabiah said during the LEAP conference in Riyadh.

The satellites STC is planning to use “have higher speed than, for example, Starlink, the one with Elon Musk,” al-Rabiah explained.

Whereas Starlink is focused on providing internet access to less developed countries, STC’s plan aims to provide high-speed internet to all areas of the Kingdom, which already has internet access for around 90 percent of its population.

Improved internet access will “elevate [the] living experience” of people in rural areas, according to al-Rabiah, allowing them to communicate with friends and family, and access better levels of education and healthcare.

“It will also help governments to make sure that spending is more efficient in rural areas,” as people will be able to access certain services online.

Other initiatives that STC is working on include its smart cities program, which tracks traffic flow and uses artificial intelligence technology to give authorities the necessary information to re-route traffic.

Drone technology employed by STC is scouting out possible locations for mining minerals in the country’s vast desert.

STC’s AI-equipped cameras and remote controlled cranes are unloading ships in Dammam port. Automating this process cuts makes it more efficient and cuts down on any potential accidents, al-Rabiah said.

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Credit Suisse managers could face disciplinary action, Swiss regulator says

Swiss financial regulator FINMA said it was considering whether to take disciplinary action against Credit Suisse managers after Switzerland’s second largest bank had to be rescued last week by UBS.
FINMA President Marlene Amstad told Swiss newspaper NZZ am Sonntag it was “still open” whether new proceedings would be started, but the regulator’s main focus was on “the transitional phase of integration” and “preserving financial stability.”

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UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock a week ago and to assume up to 5 billion francs in losses in a merger engineered by Swiss authorities during a period of market turmoil in global banking.
Credit Suisse on Sunday declined to comment on the FINMA President’s comments when asked by Reuters for a response.
Asked whether FINMA is looking into holding current Credit Suisse managers accountable for the collapse of Switzerland’s second-largest bank, Amstad said it is “exploring the options”.
“CS had a cultural problem that translated into a lack of responsi-bilities,” Amstad was quoted as saying by NZZ, adding: “Numerous mistakes were made over several years”.
FINMA had conducted six public “enforcement proceedings” against Credit Suisse in recent years, Amstad said.
“We have intervened and used our strongest instruments,” she said of its previous moves.
Amstad also defended Switzerland’s decision to write down 16 billion Swiss francs of Credit Suisse Additional Tier 1 (AT1) debt, to zero as part of the forced rescue merger.
“The AT1 instruments contractually provide that they will be fully written off in the event of a trigger event, in particular the granting of extraordinary government support,” Amstad said.
“The bonds were created precisely for such situations.”

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Aramco affirms support for China’s energy security

Saudi Arabian oil giant Aramco affirmed on Sunday its support for China’s long-term energy security and development, the company’s CEO Amin Nasser said in remarks made before a forum in Beijing.

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Nasser said that the company has partnerships and emission-reducing technologies with China to make lower carbon products.

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Kuwait Oil Co dealing with ‘limited fire’ at well where oil leak occurred last week

Kuwait Oil Company said on Sunday it is dealing with a “limited fire” that erupted at a well where oil leaked last week.
The company said in a statement that no injuries had been reported at the scene.
“The company’s operations in the area have not been affected,” the statement read.
Kuwait Oil Company declared a state of emergency last Monday due to an oil leak in the west of the country.

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