Landing party MOU’s signed in all GCC countries
A key milestone in the roll-out of the GBI cable system is the securing of landing parties in the countries of the Gulf. To date, Memorandum of Understanding (MOU’s) have been signed with leading operators in all GCC countries. GBI is on track to announce signed landing party agreements in all GCC in the near future.
Corporate financing secured
GBI plan to invest US$445m into the project, making it one of the most significant communications infrastructure investments in the region. There has been widespread interest in this project from around the Gulf and also from further afield. Amongst our broad base of investors are:
- Knowledge Ventures
- The Qatar Foundation
- The Qatar Investment Authority
- The Kuwait Investment Authority
- Along with other Investors from around the Gulf.
We are honored and grateful not only for the financial backing of these prestigious organizations but also the generous time and support they have extended to GBI.
Supporting and advising GBI is Al Rayan Investment, who is GBI’s primary financial advisor. In addition Masraf Al Rayan is GBI’s banker.
Management team appointed
Over the course of 2009, the GBI management leadership team was appointed. This is a particularly multi-cultural team, with an impressive level of experience in the telecoms industry. The leadership team is busy recruiting and setting up their respective organizations. For more details please refer to the Leadership Team section of About Us.
Cable laying commenced in the Mediterranean and Red Seas
The GBI network will reach out to Europe via the west route landing in Italy. GBI’s landing stations in Italy and at Alexandria in Egypt have been built. The cable has been laid in the Mediterranean Sea and the connecting cable is being laid in the Red Sea. Tyco are also presently managing the installation of our route eastwards to Mumbai India.