Last checked at 12 Nov 2014 17:52
Orascom Telecom Media and Technology Holding Announces the Launch of Service of its Submarine Cable (MENA)
Cairo, November 12th, 2014: Orascom Telecom Media and Technology Holding S.A.E (OTMT) announced today the launch of service of MENA Cable, its fiber optic submarine cable system connecting three continents (Europe, Africa and Asia), and spanning two seas (the Mediterranean and the Red Sea) and one ocean (the Indian Ocean). OTMT's subsidiary, MENA Submarine Cables Systems (MENA - SCS) has sent notification to the Egyptian Telecom Regulatory Authority (NTRA) that its Submarine Cable System is now fully operational.
MENA Cable in its first phase of operation spans a distance of 8,800 km and lands in Italy, KSA, Oman and India passing through Egypt with potential for expansion through additional landing points in East Africa and East of the Mediterranean Sea. The cable currently serves capacity for wholesale industries in Europe, Saudi Arabia, Oman, and India while reaching the GCC counties, and South Asia through MENA's partners. The company's expansion plans also include serving the Far East through partnerships with other international submarine cables.
With the latest technology of 100 Gbps, the connectivity services provided by MENA submarine cable system provide the lowest latency between South Asia, Europe and the Middle East amongst existing competitive cables. Moreover, being the first private submarine cable connecting the three continents, gives MENA cables the advantages of agility and flexibility of decision taking over other players in the wholesale industry.
MENA Cable covers a footprint with a total market of almost 15,000 Gbps in 2015, expected to grow with CAGR of 40% year over year. MENA Cable plans to reach a 10% market share of the incremental addressable market with target sales over $140 M in the coming 3 years.
Maan El Amine, CEO of MENA - SCS commented on the launch saying: "It has taken us a long time to launch this project due to the unforeseen complications of permits within the territories of Egypt, but we are now excited to finally be in the market with a very promising project. MENA Cable will solve long prevailing problems for service providers who need a reliable solution connecting Asia with Europe. Through our substantial geographical reach and our large network of partners in India, Saudia Arabia and Oman, we are able to avail a reliable connectivity solution to a huge market."
From his side Naguib Sawiris, Executive Chairman and CEO of OTMT said: "Launching MENA Cable is a very positive step towards consolidating OTMT's presence in one of its core businesses, the submarine cable business. It opens the door for us to serve vast markets in South Asia, Europe and the Middle East in addition to expansion opportunities in the Far East and Africa."
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About MENA Submarine Cables Systems (SCS)
Middle East and North Africa Submarine Cable Systems (MENA-SCS) is a subsidiary of Orascom Telecom Media and Technology (OTMT). MENA-SCS has developed, constructed, owns and operates a submarine telecommunications system connecting Europe to the Middle East and South East Asia.
MENA cable infrastructure, together with already existing cables, is expected to cover current and future international communications requirements between the Arab World, India, and Europe. (For more information: www.mena-scs.com)
About Orascom Telecom Media and Technology Holding
OTMT is a holding company that has investments in companies with operations mainly in Egypt, North Korea, Pakistan, Lebanon and other North African and Middle-Eastern countries. The activities of OTMT are mainly divided into its GSM,
Media and Technology and Cable Businesses. The GSM activities include mobile telecommunications operations in Egypt, North Korea and Lebanon. The media and technology division consists of OT Ventures/Intouch Communications Service and the OT Ventures Internet portals and other ventures in Egypt, including LINK Development, ARPU+, and LINKonLINE. The cable business focuses on the management of cable networks.
OTMT is traded on the Egyptian Stock Exchange under the symbol (OTMT.CA, OTMT EY) and in London Stock Exchange under the symbol (OTMT).
For further information:
OTMT Press Contact:
manal.abdelhamid@otmt.com
Visit our website: www.otmt.com