TraceSafe Inc. (CSE:TSF) said it has signed a partnership agreement with solutions by stc, Saudi Arabia's leading enabler of digital transformation and top provider of IT solutions, to offer leading-edge smart solutions for customers across the Kingdom.
Saudi Arabia has started the implementation of the Smart City project in multiple areas across the region in line with the Saudi Vision 2030 objectives, part of a larger goal to develop the economy with a commitment of investing US$150 billion into local real-estate projects every year till 2025, the company noted.
The Internet of Things (IoT) wearables partnership will create opportunities for the two technology leaders to integrate their capabilities and offer the best of hardware-assisted software solutions, including advanced wearables for Smart City infrastructure and industries like hospitality, healthcare and construction.
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"We are honored to partner with solutions by stc to usher in the future of smart infrastructure that is currently in progress in Saudi and the region. We are excited by the prospect of innovative Smart City solutions we will build together for some of the most ambitious projects in the world," TraceSafe CEO Wayne Lloyd said in a statement.
"This association will lead the way for our global expansion and we couldn't have asked for better partners than solutions by stc, the region's leading digital transformation enabler. With our complimentary capabilities and resources, we will be able to achieve path-breaking work in technology," he added.
According to research, the market size of Saudi Arabia’s Smart Cities is projected to reach US$14 billion by 2027, growing at a compounded annual growth rate (CAGR) of 19.6% from 2020 to 2027, TraceSafe noted.
Smart Cities in the region will encourage sustainable economic development and high quality of life to address growing urbanization challenges through the use of Information and Communication Technologies (ICTs) in various areas, including economy, environment, mobility, health, living, and governance.
solutions by stc has more than 24,000 clients in technology services across 35 cities in Saudi Arabia, and trades on the Saudi Stock Exchange with a market capitalization of approximately US$7 billion.
TraceSafe provides Internet of Things (IoT) solutions transforming large-scale industrial and enterprise operations with unique wearables, industrial-grade sensors and award-winning analytics platform.
With presence across North America, Asia and Europe, TraceSafe's solutions are trusted by leading organizations in healthcare, hospitality, construction, events, education and government.
Recently, the company announced a strategic focus towards 'managed decarbonization' to help companies take credible climate action using high-quality offsets. To this end, TraceSafe acquired an offset marketplace and launched its full suite of carbon management solutions.
Contact the author at jon.hopkins@proactiveinvestors.com