Another subsea cable for our regional data hub ambitions
Telecom Egypt inaugurated its Red2Med submarine cable which runs from Ras Ghareb’s Red Sea to Port Said’s Mediterranean through the Suez Canal, according to a statement. The cable is the “shortest, fastest and most secure way to transfer data between east and west,” said Telecom Egypt CEO Adel Hamed. Communications Minister Amr Talaat was also present at the inauguration ceremony.
REMEMBER: TE is crazy for subsea data cables. More than a dozen cables currently transmit data from Egypt to Europe, and Telecom Egypt plans to add some six more cables over three years, part of national plans to become a data hub between Asia, Europe, and Africa.
Other things we’re keeping an eye on this morning:
- Beltone Financial paid USD 700k to settle a dispute with one of its US-based subsidiaries, it said yesterday, without disclosing further information. (Disclosure, pdf)
- Alexbank, El Sewedy Education, and Italian social enterprise E4Impact inked an MoU to implement and develop an agricultural entrepreneurship program. (Hapi Journal)
- Qalaa Holdings’ appeal has been successful against a court ruling over USD 8.4 mn in NSF checks, and the verdict overturned. (Disclosure, pdf)
- Payment platform Arab Financial Services has launched its merchant payment services in Egypt. (Press release, pdf)
- Cars imported by Egyptian expats under the new scheme to raise FX must be from the same country in which the expat resides. (Finance Ministry statement)
- Egypt and the UAE discussed joint strategies to combat money laundering and terrorist financing. (WAM)