14 May 2012
Work on the USD 400 million MENA Cable, an Orascom Telecom Holding project that seeks to link Europe, Arabian Gulf, North Africa and Asia, has been suspended, Orascom chief executive Khaled Bichara told Zawya.
Work on the USD 400 million MENA Cable, an Orascom Telecom Holding project that seeks to link Europe, Arabian Gulf, North Africa and Asia, has been suspended, Orascom chief executive Khaled Bichara told Zawya.
"The project has been halted due to the non-availability of certain government permits that are key to its completion," Bichara said. Another person close to the project alleged that Orascom "does not have enough enthusiasm" to complete the project "after a corporate restructuring".
MENA Cable is a joint venture between Orascom with 94% of shareholding, Link Egypt with 4%, and In Touch and Mobiserve with 1% each. The project was launched more than four years ago and expected to lay about 9,000 kilometers of cable capable of delivering speeds up to 5.76 terabits per second.
© Zawya 2012
