Cyta participates in the $850 mln East Med Corridor (EMC) submarine cable system that ensures digital connectivity following an agreement signed in Athens.
It said the East Med Corridor (EMC) is “a project of geostrategic importance, with transnational support, which exploits the geographical position of Cyprus, Greece and Saudi Arabia for creating an international digital highway that is essential for the global economy.”
Starting in Singapore, the EMC will pass through Saudi Arabia, Israel, Cyprus, and Greece, ending in Italy and France.
Construction will begin next autumn and is expected to be completed and operational by the end of 2025.
“The total cost is around $850 million and, apart from Cyta, it involves MENA HUB of Saudi Arabia and the Greek companies TTSA and PPC,” Cyta said.
Minister of Finance, Constantinos Petrides, said: “with Cyta’s investment, we are not just achieving the enhancement of Cyprus’ connectivity”.
Deputy Minister of Research, Innovation and Digital Policy, Kyriakos Kokkinos, underlined that “Cyta’s participation in the creation of EMC strategically supports and plays an essential role in ensuring the digital connectivity of our country.”
Cyta President Michael Ioannides noted: “We are participating in a project that creates the Cyprus – Greece telecommunications axis as the data transfer gateway of Europe.
“With EMC, we create the conditions for significant geostrategic and tangible economic benefits.”
Cyta CEO, Andreas Neocleous, said: “We are investing in the new EMC international cable system further to enhance the quality communication experience of our customers.
“The new route will multiply the capacity of Cyta’s interconnection with the rest of the world, ensuring even higher speeds and data volumes for our customers.
“It will also provide resilience to the country’s digital interconnection, with many long-term commercial and economic benefits.”