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Greece and Saudi Arabia have recently agreed on the main terms of an agreement to set up a joint venture to lay a communications cable system
connecting Europe and Asia.
The new infrastructure will be dubbed the East to Med Corridor and will be developed
by MENA HUB, a joint venture between Saudi Arabia's Saudi Telecom and Greek telecommunications and satellite application company TTSA.
Greece's electricity company Public Power Corporation (PPC) and Cyprus' telecom operator CYTA will also hold stakes in the project, which is currently awaiting final approval
.
The transaction is expected to finally close in July, while the project is expected to start in autumn and be completed by the end of 2025, with a total investment expected to reach €800 million
.
Greece and Saudi Arabia have recently agreed on the main terms of an agreement to set up a joint venture to lay a communications cable system
connecting Europe and Asia.
The new infrastructure will be dubbed the East to Med Corridor and will be developed
by MENA HUB, a joint venture between Saudi Arabia's Saudi Telecom and Greek telecommunications and satellite application company TTSA.
Greece's electricity company Public Power Corporation (PPC) and Cyprus' telecom operator CYTA will also hold stakes in the project, which is currently awaiting final approval
.
The transaction is expected to finally close in July, while the project is expected to start in autumn and be completed by the end of 2025, with a total investment expected to reach €800 million
.
