South Korean JV wins US$1bn Saudi cable deal

The project will establish a national fibre-optic network in Saudi Arabia.

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A South Korean consortium has won a US$1billion deal to lay fibre-optic cables in Saudi Arabia, according to a state trade promotion agency.

Korean Middle East Engineering, a JV of four South Korean businesses in Saudi Arabian, was named main project contractor by Saudi Arabia’s Integrated Telecom Company, the Korea Trade-Investment Promotion Agency said.

The project will establish a national network in Saudi Arabia and also connect the country with Sudan, Yemen, Oman and the UAE by undersea cable by December 2013, the agency.

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“Since the Dubai debt crisis, Saudi Arabia is becoming an attractive market for South Korean businesses,” said Lee Kwan-Seok, head of the agency’s Korea Business Centre in Riyadh.

Lee said the deal was expected to create new opportunities for South Korean businesses in Saudi Arabia, noting the cable contract was awarded despite fierce Chinese competition.