Public Investment Fund, a sovereign wealth fund, and stc Group, a provider of digital services, agreed to form a joint venture establish a new company, specializing in the Internet of Things, in a $240m deal. “Partnering with stc as one of the National Champions in the Information Communication Technology sector will help unlock this promising sector and contribute to PIF’s efforts to localize cutting-edge technology and knowledge in Saudi Arabia and further develop a digital economy, in line with Vision 2030 objectives," Yazeed AlHumied, PIF Deputy Governor and Head of MENA Investment.