4iG Nyrt., Hungary’s leading infocommunications company, and Telecom Egypt, Egypt’s first integrated telecom operator and one of the largest subsea cable operators in the region, have signed a preliminary agreement on the terms of cooperation for the construction of an express subsea cable between Albania and Egypt.
A joint venture is to be established for this purpose, the Ministry of Economy announced. It is a high-speed data highway in the form of intercontinental cabling across the Mediterranean.
For 4iG Nyrt., which is listed on the stock exchange, this agreement means entry into a new, strategically important business segment. At the same time, the Hungarians are setting up a new data portal in Albania and aiming for further cooperation in the region. The main objective of the investment is for 4iG and Telecom Egypt to gain a significant market share in the huge and fast-growing data traffic markets between Europe and Asia and Europe and East Africa.
As a strategic partner of the government, the 4iG Group has committed to investing a total of around HUF 150 billion (approx. EUR 390 million) in the expansion of networks in Hungary by 2028. This should help to make the country one of the top 10 most modern digital locations in Europe by 2030.