Saudi Telecom Company has agreed to launch a joint venture (JV) with partners including Chinese tech giant Alibaba Group with an initial investment of about $238.3 million. Separately, Airbnb announced that it will shut down its China business this summer after about six years of operations. Saudi Arabia’s telecom giant sets up $238m JV with Alibaba Saudi Telecom Company (stc), a provider of telecommunications services in the Middle East, has agreed to set up a joint venture (JV) with partners including Chinese tech giant Alibaba Group to specialise in cloud computing in Saudi Arabia. With an initial investment of 894...