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Tuesday, 24 November 2020

STC Pay considers Egypt after Gulf expansion next year

STC eyeing another entry point to Egyptian market with digital payments arm? Saudi Telecom’s digital payments business STC Pay could enter the Egyptian market after it is given the regulatory greenlight to launch in other GCC countries next year, CEO Ahmed Alenazi told Reuters. The company is currently waiting on approvals to set up shop in the UAE, Kuwait, and Bahrain, which Alenazi said are the priority markets for now, with Egypt perhaps following at a later stage. STC has been in negotiations with Vodafone Group to acquire its 55% stake in Vodafone Egypt since January this year. Reports have suggested that the STC wants to break the deadlock over the valuation of the company and have a final agreement by the end of the year.

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