News, Telecoms

ITC, MCIT ink SR3.5bn deal for fibre optic implementation

Integrated Telecom Company (ITC) and the Ministry of Comminutions and Information Technology (MCIT) have signed an agreement to implement a high-speed fibre optic broadband initiative, in accordance with the pre-approved Broadband Implementation Agreement which was signed earlier this year with Communications and Information Technology Commission (CITC). 

The partnership will “help in providing high-speed fibre optic broadband services to the urban areas of the Kingdom, government offices and residential units.”

The agreement provides a financial support to ITC with an approximate amount of SR1.344 billion, to be paid in regular installments according to the scope of work carried out, as well as providing some 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 SR3.5 billion.

In May, ITC signed an agreement on the implementation of broadband initiatives with the MCIT and CITC, in a plan to deploy high-speed broadband services throughout the Kingdom.

“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 utilise all its financial, technical and human capabilities to achieve all the strategic objectives of the National Transition Program 2020 initiatives, within Saudi Vision 2030,” said ITC’s CEO and President, Eng. Ghassan Itani.

He added, “The company’s great expertise will contribute to the development of this vital sector and will 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.”

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