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Thursday, 23 June 2022

Subsea cables with Greece

Egypt and Greece will lay a new subsea data cable across the Mediterranean under an agreement signed by Telecom Egypt and Greek telecoms company Grid Telecom, TE said in a press release. The cable is set to up data traffic between Europe, Asia, and Africa, the release read, “creating a new reliable telecommunications corridor interconnecting the three continents.”

TE loves subsea cables: The state-owned telecoms firm is upping its 14 Mediterranean and Red Sea subsea cable systems to 18 by 2025.

Other things we’re keeping an eye on this morning:

  • The Egyptian African Arab Co. for Development (EGAAD) signed an agreement with UK investor Stronghold Global Finance to finance projects in Africa. (Statement, pdf)
  • Lebanese insurer Chedid Capital Holding has received a license to start operations in Egypt under local subsidiary Chedid Ins. Brokers Egypt. (Statement, pdf)
  • Euromed for Medical Industries plans to build an EGP 200 mn factory for medical supplies next year. (Al Mal)
  • Indonesian logistics firm J&T Express has launched in Egypt as part of its expansion in the MENA region, which saw it recently enter the UAE and Saudi Arabia. (Statement)
  • Saudi Jamjoom Pharma has completed construction of its EGP 1 bn pharma factory in El Obour. (Al Mal)

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