(Adds dropped word in para 3)DUBAI, May 21 (Reuters) - Saudi Telecom Co 7010.SE (STC), the Gulf&aposs largest telecommunications operator by market value, has established a 5 billion riyals ($1.33 billion) riyal denominated sukuk programme, it said in a bourse statement on Wednesday.The programme will be by way of a local private placement, STC said.The operator did not state when it planned to is