RIYADH: Saudi Telecom Co., known as stc, has partnered with its largest shareholder, the Public Investment Fund, in a SR492 million ($131 million) deal to support internet-connected devices, known as the internet of things. In a bid to meet the rising demand for internet of things services and products, the parties agreed to establish an equally owned joint venture, telecom giant stc said in a filing. The new venture’s initial capital can be expanded up to SR900 million three years from establishment, based on business requirements. stc expects the transaction to positively impact its financial statements, as it aligns with its growth strategy and a Kingdom-wide vision for a connected nation.