ITC, MCIT sign SR3.5bn deal for fibre optic initiative
ITC signed a document term of agreement on the implementation of Broadband Initiatives with the MCIT and CITC
The Integrated Telecom Company (ITC) and the Ministry of Communications and Information Technology (MCIT) have signed a SR3.5bn agreement to roll out high-speed fibre optic in Saudi Arabia.
Under the broadband initiative, which is in accordance with the pre-approved Broadband Implementation Agreement, financial support will be provided to ITC where SR 1.344bn will be paid in regular instalments. This will be dependent on the work carried out, as well as providing financial and regulatory exemptions.
The share of ITC from the broadband implementation project is 30%, equivalent to 640,000 residential units in various cities of the Kingdom, at a cost of about SR 3.5bn.
ITC's CEO and president, Eng. Ghassan Itani, said: "This agreement comes within the framework of the continuous support and participation of ITC to the directives of the MCIT and CITC, and continuing on the company commitment to utilize all its financial, technical and human capabilities to achieve all the strategic objectives of the National Transition Program 2020 initiatives, within Saudi Vision 2030."
Eng. Itani added: "The company great expertise will contribute to the development of this vital sector and enhance the digital infrastructure as well as help in providing high-speed fibre optic broadband services to the urban areas of the Kingdom, government offices and residential units."
In May, the ITC signed an agreement on the implementation of Broadband Initiatives with the MCIT and Communications and Information Technology Commission (CITC) to deploy high-speed broadband services throughout the Kingdom.