The agreement for the East to Med data Corridor system has been closed
MENA HUB, CYTA, PPC and TTSA signed the Shareholders' Agreement
Greece and Saudi Arabia agreed on Tuesday on the key terms of a joint venture to install a data-carrying fiber optic cable connecting Europe to Asia.
The “East to Med data Corridor“, an undersea and terrestrial cable data transfer system, will be developed by MENA HUB, owned by STC of Saudi Arabia and the Greek telecommunications and satellite applications company TTSA.
The Public Power Corporation of Greece (PPC) and the telecommunications provider of Cyprus CYTA will also have a share in the project.
The project involves the signing of the Shareholders’ Agreement between MENA HUB, CYTA, PPC and TTSA in Athens, in the presence of His Highness, Prince Mohammed bin Salman bin Abdulaziz, Crown Prince of Saudi Arabia, and His Excellency, the Prime Minister of the Hellenic Republic, Kyriakos Mitsotakis.
Also, a huge increase in data connectivity from Europe to Asia via Saudi Arabia and the Joint Venture between Saudi Arabia and Greece will lead to the installation of a data transfer cable between Greece as the Eastern Data Portal of the European Union and Saudi Arabia as the Regional Digital Hub between Europe, the Middle East, Africa and Asia.
Additionally, “MENA Hub”, the international connectivity and Data Centers arm of Saudi Arabia’s STC, will build the cable infrastructure in collaboration with the Greek telecommunications and satellite applications company TTSA.
Moreover, the EMC Project enables the Kingdom of Saudi Arabia, Greece and Cyprus to exploit their geographical location, creating the new data transfer corridor, which is so necessary for the global economy, placing countries at the center of data transfer, storage and creation in Eurasia, through the creation of a digital connectivity infrastructure between countries, which is the cornerstone of the era of digital transformation.
Finally, the EMC cable has been designed from the outset to implement the “Vision 2030” Plan of the Kingdom of Saudi Arabia and the “Greece 2.0” Plan, transforming the Kingdom of Saudi Arabia into a “Regional Digital Hub” and making Greece and Cyprus an “Eastern Data Portal of the European Union“, between Europe and the Middle East, Africa and Asia.