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FINANCIAL NEWS
Saudi’s ITC, Komee ink $1.1b cable network deal
12 Jan 2011
(MENAFN) Ayad Al Khwaiter, Director of Regulatory Affairs at Saudi Arabia’s Integrated Telecom Co. (ITC), announced that it has signed a deal valued at $1.1 billion with Korea Middle East Engineering Co (Komee), for the expansion of the Kingdom’s optical cable network, Reuters reported.
Under the agreement, Komee which will finance the deal along with local and international banks; will install 10,000 km of fiber optics within the Kingdom over the next four years.
According to Al Khwaiter, the first phase will be completed within six months, installing 550 kilometers inside Riyadh. The agreement comes in line with Saudi Arabia’s plan to spend $400 billion in the five years to 2013, in order to upgrade its infrastructure.
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