Egypt's Orascom Telecom Media and Technology (OTMT) announced Thursday the launch of the MENA Cable service, its fiber optic submarine cable system connecting Europe, Africa and Asia, and spanning two seas, the Mediterranean and the Red Sea, and 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, the company said in a statement.
"The MENA Cable covers a footprint with a total market of almost 15,000 Gbps in 2015, expected to grow with a compound annual growth rate
of 40 percent," the statement added.
Maan al-Amine, CEO of MENA SCS, said the new cable is projected to reach a 10 percent market share of the incremental addressable market with target sales over US$140 million in the coming three years.
"The MENA Cable will solve long prevailing problems for service providers who need a reliable solutions 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,” Amine said
“Launching MENA Cable is a very positive step towards consolidating OTMT’s presence in one of its core businesses, the submarine cable business," said Naguib Sawiris, Executive Chairman and CEO of OTMT. "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.”
The new fiber optics cable project spans a distance of 8,800 km in its first phase of operation, spanning across in Italy, KSA, Oman and India passing through Egypt with a potential for expansion through additional landing points in East Africa and East of the Mediterranean Sea, he added.
The cable currently serves wholesale industries in Europe, Saudi Arabia, Oman, and India while reaching the GCC counties and South Asia through MENA’s partners.