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Korean group win $1bn Saudi fibre deal
23 July 2010
A group of South Korean companies has won a $1bn deal to build a national and international network for Saudi Arabia’s ITC
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Saudi Arabia
ITC
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telecoms
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A South Korean syndicate has secured a $1 billion order from Saudi Arabia to lay fibre optic cables in the country. Korean Middle East Engineering Company was named as the main contractor for the project by Saudi Arabia’s Integrated Telecom Company.
The South Korean consortium includes Daekyung Engineering Company, Hankook Jungsoo Industries and Korea Electric Power’s division, Korea Plant Service Engineering Company.
The project is to launch a national network in Saudi Arabia and also to connect it with the neighbouring countries such as Sudan, Yemen, Oman and the UAE with fibre.
Integrated Telecom Company, based in Riyadh, was set up in 2005 through a consortium of local investors headed by Al-Mawarid Investment Group as a major shareholder, with 300 million riyals ($80 million) initial investment. It has a licence from the country’s Communication & Information Technology Commission to provide local, national and international data communications services.
The three-stage construction will start in August 2010 and be completed by December 2013. GTB