Telecom Egypt, the leading company in Egypt’s telecommunications sector, has partnered with Saudi telecommunications giant Mobily.
The main purpose of this partnership is to build the first submarine cable line under the Red Sea, connecting the two countries. This submarine cable aims to facilitate communication networks between the two countries and strengthen their connections with Europe. The cable will be owned by Mobily.
Telecom Egypt had previously announced that it secured a long-term loan facility worth EGP 18 billion from a consortium of 13 banks. The company’s total revenue increased by 35% in the first half of this year, reaching EGP 38 billion.
Following the partnership, Mohamed Nasr, Managing Director and CEO of Telecom Egypt, made the following statement:
“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.”
The other partner, Mobily’s CEO Salman Bin Abdulaziz Al-Badran, explained the value of the partnership for his country:
“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.”