New partnership aims to improve traffic, energy, safety and quality of life

Riyadh, Saudi Arabia, 15 May 2023 – iot squared, an Internet of things (IoT) technology company and a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and stc Group (stc), has signed a Memorandum of Understanding (MoU) with OQ Technology, the world's first global satellite telecom operator for IoT connectivity using 5G protocol. The MoU was signed by Shabbab Al Ghamdi -Public IoT Solutions VP, and Omar Qaise, Founder and CEO of OQ Technology. Through this partnership, OQ Technology will provide satellite IoT connectivity services and products to iot squared and support the technical development of its products and services. The two partners will also collaborate to identify target markets, verticals and applications that require satellite IoT services in the Kingdom and provide them with the necessary solutions.

Othman Al Dahash, CEO of iot squared, said: “By helping to solve various challenges from traffic management, energy, safety, waste, and many others, IoT will fundamentally allow us to enhance productivity levels and quality of life, revolutionising the way we live and work. By providing coverage and connectivity anywhere in the country, the integration of satellite IoT services and solutions in the Kingdom will drive the adoption of IoT solutions." “Thanks to our latest partnership with OQ Technology, not only will we leverage the company’s expertise and existing products to support iot’s technical development and products, but together we will drive the adoption of IoT services, helping to achieve national digital transformation objectives, and motivating research and development across Saudi Arabia.” Al Dahash added.

Omar Qaise, founder and CEO of OQ Technology, said: “5G networks are designed to address highly complex services, and applications such as the support of billions of interconnected devices known as massive machine communication. The problem is that only 25% of the Earth’s land mass today is covered by cell towers. At OQ Technology we are working to address this problem by enabling 5G-based massive machine communication all over the world using a constellation of nanosatellites which ensure a truly low latency of only a few milliseconds." By partnering with iot squared, we will now be able to use our shared networks, resources and expertise to identify new target markets and applications that require satellite IoT services in Saudi Arabia and work together to identify solution requirements, while advancing the adoption of IoT solutions in support of the country’s digital transformation objectives."

OQ Technology, supported by Aramco Wa’ed Ventures, has established a local presence in the Al Khobar region. Having started commercial services and converting its global customers pipeline into paying clients this year, the company has recently signed a large commercial contract in the oil and gas sector.

About iot squared: iot squared was established as a 50:50 joint venture between stc and PIF specializing in the internet of things (IoT). With over SR492 million in funding, iot squared is positioned to be a regional hub for the Internet of Things in the Middle East and North Africa, bearing the objective to accelerate the adoption of IoT technologies. Internet of things has been identified in stc's "DARE 2.0" strategy among the strategic areas of investment, which aligns with Saudi Arabia’s digital transformation initiatives supported by PIF. iot squared will offer smart solutions in sectors including manufacturing, logistics, and smart cities as it aims to become a “one-stop-shop” for IoT solutions. iot squared plans to support these sectors in achieving growth and operational excellence as well as stimulate research and development in the Kingdom of Saudi Arabia.

About OQ Technology: OQ Technology operates the world’s first constellation of LEO satellites providing 5G coverage for IoT devices based on standardised 3GPP cellular technology for narrowband-IoT. Its technology is available for mobile operators and customers in industries such as energy, mining, logistics, maritime, agriculture, and defence. The company’s patented technology can easily be used to connect existing cellular chips, allowing billions of users around the world to have ubiquitous IoT connectivity anywhere and using both terrestrial and satellite networks. https://www.oqtec.com | https://twitter.com/oqtec | https://www.linkedin.com/company/oqtechnologysarl

iot square and OQ teams during the partnership signing ceremony in Riyadh

Shabbab Al Ghamdi -Public IoT Solutions VP (left), and Omar Qaise, Founder and CEO of OQ Technology (right)