Egypt Saudi to build a submarine cable line

Telecom Egypt, the leading player in the Egyptian telecom industry, made the annpouncement for the groundbreaking initiative for regional telecommunications in a statement on Monday.

The planned submarine cable, which will be owned by Mobily, is set to facilitating direct communication networks between Egypt and Saudi Arabia and paving the way for future expansions, including developing connectivities with Europe.

“The new cable represents a significant milestone in strengthening Saudi Arabia's position as a leading international hub for telecommunications services and data traffic, in alignment with the goals of Saudi Vision 2030,” stated Salman Bin Abdulaziz Al-Badran, Chief Executive Officer of Mobily.

From his side, Mohamed Nasr, the Managing Director and Chief Executive Officer of Telecom Egypt, explained the significance of this project, noting: “Complementing the newly established landing station in Sharm El Sheikh, we are developing new crossing routes to connect Sharm El Sheikh to the Mediterranean Sea.”

Telecom Egypt has recently announced that it successfully secured a substantial long-term loan amounting to EGP 18 billion from a consortium of 13 banks.

The company's consolidated revenues has increased year-on-year increase by 35 percent during the first half of 2024, reaching EGP 38 billion.