Kuwait Telecommunications Company – stc, has announced the resignation of Eng. Maziad Alharbi from his position as CEO after five years of spearheading the executive management team at stc Kuwait. Alharbi tendered his resignation during the board meeting held on Thursday, 15 February 2024, with the board officially accepting his resignation, subsequently disclosed on Boursa Kuwait. Eng. Muataz Abdullah AlDharrab has been appointed as the new CEO.
Dr. Mahmoud Ahmad Abdulrahman, Chairman of the Company’s board, acknowledged Alharbi’s pivotal role in steering stc Kuwait since 2019. Under Alharbi’s leadership, the company transitioned from offering traditional telecom services to diversifying into business solutions and digital services. Noteworthy milestones include successful acquisitions like QualityNet in 2019 and e-Portal Holding Company in 2022, where Alharbi also served as Chairman. He also orchestrated the rebranding of “VIVA” to “stc,” aligning the Company’s brand identity across Kuwait, Saudi Arabia, and Bahrain.
Alharbi’s tenure as CEO witnessed significant financial growth for stc Kuwait, with revenues increasing by 22% despite market challenges. By the end of 2023, stc achieved its highest revenues since establishment, totaling KD 351.4 million. This growth was attributed to the company’s expanded business model and focus on delivering integrated digital solutions across sectors.
Alharbi’s digital transformation strategy has played a pivotal role in stc Kuwait’s success, contributing to the local economy and government initiatives. The company maintained transparency and shareholder communication standards while fostering investor relations. Notable achievements under his leadership include the launch of 5G technology in 2019, positioning stc as a pioneer in Kuwait, the Middle East, and North Africa.
Amidst the COVID-19 pandemic in 2020, stc Kuwait, under Alharbi’s guidance, adapted its services and business strategies to meet evolving needs. The company implemented proactive measures to safeguard financial health and shareholder interests, navigating challenges while sustaining profit margins.
Dr. Mahmoud Ahmad Abdulrahman commended Alharbi’s contributions, citing stc’s consistent growth, operational excellence, and innovative solutions. The company’s subsidiaries have played a crucial role in providing comprehensive services and driving digital transformation in Kuwait. stc’s achievements have been recognized with prestigious regional awards, reflecting its commitment to innovation and intelligent investments.