According to Greek sources, Tuesday’s agreement between Saudi Arabia and Greece was for the establishment of a joint venture that will lay a fiber optic data cable linking Europe and Asia.
The “East to Med data Corridor”, an undersea and land data cable, will be developed by MENA HUB, owned by Saudi Arabia’s STC and Greek telecoms and satellite applications company TTSA.
Greece’s power utility Public Power Company (PPC) and Cyprus’ telecoms operator CYTA, will also hold a stake in the project, pending final corporate approvals, a Greek diplomat said, speaking on condition of anonymity.
According to diplomats, the final closing is expected in July. This will allow the project launch in fall and completion by the end 2025.
According to another source, the cable will cost around 800 million euros and will connect users between Italy and Singapore.