ATHENS — Greece and Saudi Arabia have entered into a joint venture agreement to establish a fiber optic data cable that will connect Asia to Europe through the so-called East to Med Data (EMC) data corridor.
It is an undersea and land data cable that will be developed by MENA HUB, owned by Saudi Arabia’s STC and Greek telecommunications and satellite applications company TTSA, Reuters said.
Greek power utility Public Power Corporation and Cypriot telecommunications operator CYTA will hold a stake in the project, pending final approvals from the company, an unnamed Greek diplomat told the news agency.
Final closing of the deal is expected by July, with the project to be launched in the fall and complete by the end of 2025, the diplomat said while another close to the deal said that it would cost 800 million euros ($857.12 million) and connect users. from Singapore to Italy.
He is also seen in another step by Prime Minister Kyriakos Mitsotakis’ New Democracy government to digitize the country which had a notorious reputation for civil servants piling piles of files on floors and evading modernization efforts.
Much of 32 billion euros ($34.28 billion) in loans and grants from the European Union to help fight the COVID-19 pandemic will be directed towards 5G and fiber infrastructure instead. optics, according to the report.
The deal further shows that the world has put aside alleged outrage at the Saudi government accused of murdering Washington Post journalist Jamal Khashoggi and a return to business as usual.