Saudi ITC signs $1.1bn cable network deal
Riyadh, January 12, 2011
Saudi's Integrated Telecom Co (ITC) has signed a 4 billion riyals ($1.1 billion) deal with Korea Middle East Engineering Co (Komee) to expand the country's optical cable network, ITC said on Wednesday.
The South Korean firm will install 10,000 km of fiber optics within the kingdom over the next four years, Ayad Al-Khwaiter, director of regulatory affairs at ITC told Reuters.
'Financing will be from Komee and local and international banks. The first phase will be completed within six months, installing 550 kilometers inside Riyadh,' Al-Khwaiter told Reuters.
Saudi Arabia is currently undergoing multi-billion dollar mega projects to upgrade its infrastructure. The country plans to spend $400 billion in the five years to 2013 and has rolled out three consecutive record budgets. - Reuters