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.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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