logo
ZOI, PCCW Global, Sparkle and Telecom Egypt to construct AAE-2 subsea cable

ZOI, PCCW Global, Sparkle and Telecom Egypt to construct AAE-2 subsea cable

Broadcast Pro13-06-2025
The project aims to establish a next-generation subsea digital link connecting Hong Kong and Singapore to Italy, traversing secure and high-capacity terrestrial corridors across Thailand, the Arabian Peninsula and Egypt.
In a move to strengthen global digital infrastructure, four leading subsea cable operators—Zain Omantel International (ZOI), PCCW Global, Sparkle, and Telecom Egypt—have signed a Memorandum of Understanding to jointly develop the Asia-Africa-Europe-2 (AAE-2) subsea cable system. The agreement marks a major step forward in building a next-generation data corridor connecting key markets across three continents.
The AAE-2 project is designed to link Hong Kong and Singapore with Italy through high-capacity and secure terrestrial routes running through Thailand, the Arabian Peninsula and Egypt. Once completed, the system is expected to deliver better data capacity and ensure reliable, low-latency connectivity between Asia, Africa and Europe.
In addition to the main route, AAE-2 will include strategic branches to other critical destinations along its path, enhancing its role as a vital conduit for international data traffic. The system is intended to meet surging demand for cloud computing, content delivery, and digital transformation efforts, while strengthening the digital backbone for enterprises and governments across the regions it connects.
The project is spearheaded by industry leaders ZOI, PCCW Global, Sparkle and Telecom Egypt, combining expertise and resources to deliver a world-class infrastructure. This project marks a vital step in addressing the increasing demand for robust internet infrastructure, facilitating faster data transfer and improved connectivity across multiple regions. The consortium is dedicated to ensuring the successful delivery of this transformative infrastructure project, which will play a crucial role in shaping the future of global connectivity.
Sohail Qadir, Chief Executive Officer of ZOI, commented: 'This collaboration marks a defining milestone for ZOI and the region we proudly serve. As the international gateway for the Middle East, we are uniquely positioned at the crossroads of Asia, Africa and Europe, making us a strategic enabler of next-generation connectivity. AAE-2 reflects our long-term vision to connect continents and digital ecosystems through resilient and state-of-the-art infrastructure. Our cooperation brings together advanced infrastructure, diverse terrestrial routes and AI-ready capacity. AAE-2 will strengthen global traffic flows, empower emerging markets and unlock new avenues for economic growth across the region and beyond.”
Frederick Chui, Chief Executive Officer of PCCW Global, said: 'PCCW Global is proud to contribute to the AAE-2 initiative, building on our legacy of supporting vital global infrastructure. Following our instrumental role in the success of the AAE-1 system, we are pleased to bring our expertise to AAE-2, an advanced, high-capacity and geographically diverse subsea cable system connecting Asia and Europe. This next-generation network underscores our continued commitment to delivering resilient, secure and scalable connectivity for key markets such as Hong Kong, empowering the digital growth of tomorrow.'
Enrico Bagnasco, Chief Executive Officer of Sparkle, stated: 'The AAE-2 cable system is an innovative project perfectly in line with Sparkle’s long-term strategy to strengthen the Asia-Africa-Europe corridor by enhancing route diversity and ensuring the highest levels of network resilience. In recent years, we have invested in new submarine systems and established advanced landing hubs along this strategic route, reinforcing our commitment to reliable global connectivity. Among the key initiatives, the Blue & Raman submarine cable systems- linking Italy to India through an innovative path – together with the strengthening of the Sicily Hub in Palermo and the hub in Chania as well as the creation of a brand new scalable landing platform in Genoa. With AAE-2, we are taking a further step forward, contributing to the creation of a distinctive infrastructure that combines terrestrial and subsea solutions to deliver secure, high-capacity, and low-latency connectivity in support of the digital transformation of businesses and communities worldwide.'
Mohamed Nasr, Managing Director and Chief Executive Officer of Telecom Egypt, noted: 'Over the years, we have made major investments and established partnerships to develop our cutting-edge subsea cable infrastructure, that we are witnessing today. The construction of AAE-2 cable system is a continuation of our success stories as a global data connectivity provider and is another testament to our commitment to driving digital connections through major collaborations. AAE-2 will also benefit from accessing and cross-connecting with the other subsea cables using our WeConnect ecosystem. We are thrilled to be embarking with PCCW Global, Sparkle and ZOI on this transformative project that will reshape the future of digital infrastructure.'
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

The IILM's USD800mln short-term Ṣukūk oversubscribed by 2.3 times
The IILM's USD800mln short-term Ṣukūk oversubscribed by 2.3 times

Zawya

time7 minutes ago

  • Zawya

The IILM's USD800mln short-term Ṣukūk oversubscribed by 2.3 times

Kuala Lumpur, Malaysia. The International Islamic Liquidity Management Corporation (IILM), an international organisation that develops and issues short-term Shari'ah-compliant financial instruments, has successfully completed the reissuance of an aggregate USD 800 million short-term Ṣukūk across three different tenors of two-week, three-month, and six-month respectively. The three series were priced competitively at: 4.40% for USD 305 million for 2-week tenor; 4.49% for USD 355 million for 3-month tenor; and, 4.38% for USD 140 million for 6-month tenor Today's successful completion of the short-term Ṣukūk transaction marks the IILM's thirteenth auction year-to-date with a cumulative issuance of USD 13.15 billion, across 39 Ṣukūk series of varying tenors. The auction attracted robust participation from the IILM's network of Primary Dealers and global investors, generating total bids of USD 1.9 billion and achieving a strong average bid-to-cover ratio of 2.3 times. Mohamad Safri Shahul Hamid, Chief Executive Officer of the IILM, commented: 'Today's auction outcome underscores the continued strength of investor demand for high-quality Islamic liquidity instruments, despite ongoing uncertainty surrounding the US Federal Reserve's rate trajectory and broader shifts in global monetary policy. Market participants remain cautious as central banks weigh persistent inflationary pressures against signs of moderating economic growth. 'The IILM's consistent ability to attract strong participation across all tenors reflects the market's confidence in our Ṣukūk programme as a dependable tool for short-term liquidity management. As global financial conditions remain uneven, the role of stable and Shari'ah-compliant instruments such as ours will become increasingly vital.' The issuance forms part of the IILM's 'A-1' (S&P) and 'F1' (Fitch Ratings) rated USD 6 billion short-term Ṣukūk issuance programme. The IILM's short-term Sukῡk is distributed by a diversified and growing network of primary dealers globally, namely Abu Dhabi Islamic Bank, Al Baraka Turk, Affin Islamic Bank, AlRayan Bank, Boubyan Bank, CIMB Islamic Bank Berhad, Dukhan Bank, First Abu Dhabi Bank, Golden Global Investment Bank, Kuwait Finance House, Kuwait International Bank, Maybank Islamic Berhad, Meethaq Islamic Banking from Bank Muscat, Qatar Islamic Bank, and Standard Chartered Bank. The IILM is a regular issuer of short-term Ṣukūk across varying tenors and amounts to cater to the liquidity needs of institutions offering Islamic financial services. The IILM will continue to reissue its short-term liquidity instruments monthly as scheduled in its issuance calendar. About the IILM The International Islamic Liquidity Management Corporation (IILM) is an international organisation established on 25 October 2010 by central banks, monetary authorities and multilateral organisations to develop and issue short-term Shari'ah-compliant financial instruments to facilitate effective cross-border liquidity management for institutions that offer Islamic financial services (IIFS). The current members of the IILM Governing Board are the central banks and monetary agencies of Indonesia, Kuwait, Malaysia, Mauritius, Nigeria, Qatar, Türkiye, the United Arab Emirates, as well as the multilateral Islamic Corporation for the Development of the Private Sector. Membership of the IILM is open to central banks, monetary authorities, financial regulatory authorities or government ministries or agencies that have regulatory oversight of finance or trade and commerce, and multilateral organisations. The IILM is hosted by Malaysia and headquartered in Kuala Lumpur.

Absa and Visa extend strategic partnership to advance growth and innovation across Africa
Absa and Visa extend strategic partnership to advance growth and innovation across Africa

Zawya

time37 minutes ago

  • Zawya

Absa and Visa extend strategic partnership to advance growth and innovation across Africa

Nairobi, Kenya – Absa and Visa have renewed their strategic partnership to accelerate the development of innovative, inclusive, secure, and digitally enabled financial payment ecosystems across Absa's Regional Operations (ARO) which incorporates Absa's presence outside South Africa. The agreement, formalised at a signing ceremony in Johannesburg, marks a significant milestone in a relationship that has driven innovation and financial inclusion across the continent for many years. Anchored in a shared vision to transform how individuals and businesses engage with financial services, the renewed partnership will deepen collaboration across digital infrastructure expansion, small business enablement, and customer-centric innovation in the Cards and Payments domain. 'This regional expansion marks an exciting new chapter in our partnership with Absa — one that continues to challenge conventions and redefine the possibilities within financial services,' said Michael Berner, Head of Southern and East Africa at Visa. 'We share a strong commitment to growing digital access across the region. Absa's leadership in innovation drives real impact, and we're proud to support their momentum with Visa's global expertise and technology as they deliver seamless experiences to their customers.' The partnership has already delivered several market-first innovations for customers across Africa. Absa became the first bank in multiple African markets to launch Visa Direct enabling card to card domestic and international payments. The introduction of Visa Signature and Infinite metal cards set a new benchmark in premium banking with exclusive lifestyle benefits. Additionally, Absa Pay issuer wallets expanded digital payment experiences, marking a first in Mauritius. "Through our strategic partnership with Visa, we're building a financial ecosystem that reflects the pace of today's African economies. In every market we operate in, we connect deeply with local communities to ensure that we deliver financial solutions that respond to the evolving needs and realities of our customers," said Saviour Chibiya, Chief Executive for Absa Regional Operations. In 2025, Absa also launched Visa Business Credit Cards, designed to solve real-world challenges for businesses and entrepreneurs. These cards offer enhanced value through tailored benefits, spend controls, and access to Visa Spend Clarity Plus – a first in Sub-Saharan Africa – enabling virtual card issuance and advanced expense management for business clients. The renewed agreement places strong emphasis on enabling small and medium-sized enterprises (SMEs) with targeted solutions to improve access to credit, expand payment acceptance and support responsible lending. 'Partnerships like this are central to how we scale impact across the continent,' said Omar Baig, Managing Executive for Absa Regional Operations Retail & Business Banking. 'Visa brings global technology, insights, and capabilities that help us deliver locally relevant solutions, from expanding domestic and international payment capabilities for individuals and businesses, enabling financial access to underserved communities to deepening digital access for our customers. As we grow our presence across Africa, this renewed agreement helps us to move with greater speed and coordination to meet the needs of the communities we serve.' 'Our partnership with Absa stands as a powerful testament to the shared vision between our two brands — one that champions a secure, inclusive, and resilient digital payments ecosystem. We are proud of what we've built together in South Africa, and excited to deepen this collaboration across the continent as we continue driving innovation and financial inclusion at scale,' said Lineshree Moodley, Country Head for Visa South Africa. As Absa and Visa move forward, the partnership will focus on co-developing solutions that drive digital commerce, enhance customer experiences, and support inclusive economic growth. Together, Absa and Visa are shaping the future of finance in Africa – one innovation, one business, and one customer at a time. About Visa Visa Inc. (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions, and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, reliable, and secure payment network, enabling individuals, businesses, and economies to thrive. About Absa Group Limited Absa Group Limited ('Absa Group') is listed on the Johannesburg Stock Exchange and is one of Africa's largest diversified financial services groups. Absa Group offers an integrated set of products and services across personal and business banking, corporate and investment banking, wealth and investment management and insurance. Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Absa Bank Tanzania and National Bank of Commerce), Uganda and Zambia and has insurance operations in Kenya and South Africa. Absa also has offices in the People's Republic of China, Namibia, Nigeria and the United States, as well as securities entities in the United Kingdom and the United States, along with technology support colleagues in the Czech Republic.

Nice Deer receives FRA approval to launch Egypt's first digital factoring platform for medical claims
Nice Deer receives FRA approval to launch Egypt's first digital factoring platform for medical claims

Zawya

time37 minutes ago

  • Zawya

Nice Deer receives FRA approval to launch Egypt's first digital factoring platform for medical claims

Cairo, Egypt – Nice Deer, a leading innovator in Egypt's health insurance technology (InsurTech) sector, proudly announces it has received official approval from the Financial Regulatory Authority (FRA) to establish Nice Deer for Financial Solutions Egypt's first fully digital non-banking financial institution (NBFI) dedicated to providing factoring services for deferred medical insurance claims. This regulatory milestone enables Nice Deer to offer real-time, structured financing to medical service providers, converting delayed insurance receivables into immediate cash. The goal is to directly address one of the most pressing challenges in the healthcare ecosystem: liquidity shortages due to delayed claim settlements. 'This license is more than just an operational milestone,' said Engy Shalash, Co-founder and Chief Marketing Officer of Nice Deer. 'It's a pivotal step toward creating a more agile and efficient model within the health insurance system. We're not just financing, we're resetting the market's tempo in favor of every provider who has long waited for their dues. Smart financing builds a faster, fairer economic cycle for the entire ecosystem.' With Egypt's medical insurance market valued at over EGP 300 billion annually, Nice Deer aims to factor EGP 500 million in medical claims within the first two years of operations. Delayed payments from insurance companies and Third-Party Administrators (TPAs) continue to place a heavy financial burden on healthcare providers. This often prevents providers from joining insurance networks, affects service quality, and contributes to low insurance penetration across the country. Nice Deer's digital factoring platform solves this problem by offering instant liquidity, backed by its proprietary AI-powered credit scoring engine, which analyzes real-time claims data, medical approvals, and utilization patterns. 'Financing is no longer a secondary option in the health insurance ecosystem; it's a strategic necessity,' said Mostafa Medhat Hussien, CEO of Nice Deer. 'Providers have long suffered from the time gap between service delivery and revenue collection, often forcing them to treat insurance patients differently from cash patients. Our platform uses integrated AI intelligence to assess risk with precision, streamline factoring decisions, and deliver a scalable, secure financial model, laying the foundation for a value-based healthcare system that prioritizes both better patient outcomes and provider sustainability.' Nice Deer's mission goes beyond simply offering financial liquidity. The company is actively building a new financial infrastructure for Egypt's healthcare sector, one designed to address longstanding inefficiencies and enable long-term sustainability. Through its digital platform, Nice Deer aims to improve cash flow for medical service providers, expand insurance penetration nationwide, and convert delayed, credit-based transactions into immediate cash settlements. By doing so, it seeks to encourage broader provider participation in payer networks and support the development of a more resilient, value-based healthcare ecosystem powered by smart, data-driven financial tools.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store