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Greece and Saudi Arabia agreed on Tuesday on the principle phrases to arrange a three way partnership to put a fibre optic knowledge cable that may hyperlink Europe with Asia, Greek sources stated on Tuesday.
The “East to Med knowledge Hall”, an undersea and land knowledge cable, will probably be developed by MENA HUB, owned by Saudi Arabia’s STC and Greek telecoms and satellite tv for pc purposes firm TTSA.
Greece’s energy utility Public Energy Firm (PPC) and Cyprus’ telecoms operator CYTA, will even maintain a stake within the venture, pending last company approvals, a Greek diplomat stated, talking on situation of anonymity.
The ultimate closing of the deal is anticipated by July, for the venture to launch in autumn and be accomplished by the tip of 2025, the diplomat stated.
One other particular person near the deal stated the cable, which can join customers from Italy to Singapore, will value about 800 million euros (roughly Rs. 6,663 crore).
Greece’s conservative authorities has made digital transformation a precedence since taking workplace in 2019, a yr after Greece exited the most important monetary bailout in historical past.
A giant a part of about 30 billion euros in grants and low-cost loans allotted to Greece from European Union’s post-pandemic Restoration Fund will probably be spent on 5G and fibre optic infrastructure.
© Thomson Reuters 2022
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