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Wed 12 Jan 2011 12:59 PM

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Saudi Arabia's ITC signs $1.1bn cable network deal

A South Korean firm will install 10,000 kms of fibre optics within the kingdom over the next four years

Saudi Arabia's ITC signs $1.1bn cable network deal
CABLE NETWORK: Saudi Arabia is currently undergoing multi-billion dollar mega projects to upgrade its infrastructure (Getty Images)

Saudi's Integrated Telecom Co (ITC) on Tuesday signed a SR4bn ($1.1bn) 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 kilometers of fibre 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 $400bn in the five years to 2013 and has rolled out three consecutive record budgets.

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