Orascom Telecom Media and Technology Holding (OTMT) has denied reports that the deal signed between its subsidiary Middle East and North Africa Submarine Cable Systems (MENA) and Telecom Egypt (TE) is worth $30m.
TE, the Middle East and Africa's largest provider of fixed telephone-lines services, had announced the signature of the submarine deal with OTMT earlier on Sunday.
The telecommunication company revealed that following the launch of the service, its revenues are expected to exceed EGP 210m.
The signed agreement will allow MENA use two of Telecom Egypt's fibre-optics links between Zaarafana on the Red Sea and Abu Talat on the Mediterranean, the official statement confirmed.
"This agreement reflects the confidence in TE's ability to efficiently supply its clients with their needs and demands in the field of telecommunication, information technology and submarine cable services," said Mohammed El-Nawawy, managing director and chief executive officer of TE.
Earlier last week, TE signed an agreement with the Arab Company for Projects and Urban Development, a subsidiary of Talaat Moustafa Group Holding (TMG), for the former to supply the latter's Madinaty project with the latest communications technology, namely fiber-optics.