ITC Signs 3.5 Billion SR Agreement with MCIT to Implement Broadband Initiative Covering Kingdom Areas with Fiber Optic

Integrated Telecom Company (ITC), the leading Information and Communications Technology Company has signed an agreement on 1st of August 2017 with the Ministry of Comminutions and Information Technology (MCIT) to implement the high-speed fiber 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 agreement provides a financial support to ITC with an approximate amount of 1.344 Billion SR, 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 3.5 Billion SR.

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

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

Eng. Itani added: “this agreement will improve the level of services provided to customers in all sectors”, pointing out that, “the company great expertise will contribute to the development of this vital sector and enhance the digital infrastructure as well as help in providing high-speed fiber optic broadband services to the urban areas of the Kingdom, government offices and residential units.” Eng. Itani confirmed that this project was supported by the government represented by the Ministry of Communications and Information Technology and Communications and Information Technology Commission.

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