GBI Capacity Sale Agreement with FASTtelco of Kuwait
Kuwait City-Kuwait, Nov 28, 2011:
Gulf Bridge International (GBI) and FastTelco of Kuwait sign a capacity sale agreement
FASTtelco, a Kuwaiti based communication company that provides innovative communication solutions to both consumer and corporate markets, is pleased to announce a capacity purchase agreement with Gulf Bridge International (GBI), a regional cable operator funded by Gulf State sovereign wealth funds. As part of their commitment to continue serving their customers, FASTtelco has chosen GBI to facilitate their plans to further expand their operations in the Kuwaiti market and further beyond local borders.
This contract is one of a number of advance sales secured by GBI and its first in Kuwait. The agreement will provide FASTtelco with connectivity on routes both within the Gulf and onward to Europe. The GBI Cable System will provide FASTtelco with greater choice, value, diversity and resilience for their traffic.
With GBI’s fast approaching Ready for Service date, this advanced capacity sale agreement emphasizes the ever growing demand for capacity in the region and how GBI is working to fill this gap in the market.
“Since its establishment in 2001, FASTtelco’s Strategy has always been focused on remaining on the cutting edge of technology and providing practical solutions to its customers.” explained Abdul-Wahab Al-Naqeeb, Chairman of the Board and Managing Director of Al-Deira Holding, and CEO of FASTtelco. “Our aim is to differentiate ourselves among all local operators and further expand our operations beyond Kuwaiti borders”.
GBI is committed to providing FASTtelco with seamless turnkey solutions and bringing their customers to the heart of Europe; thus eliminating the need to interact with third parties and enabling them to rely solely on GBI’s network. GBI’s ability to connect customers to the main European hubs is justone of its many differentiating factors that serve to distinguish them in the market.
“I am pleased to announce that GBI has closed this capacity deal with FASTtelco.” commented Mr. Ahmed Mekky, Board Member andCEOofGBI. “With our imminent launch this is an ideal time for operators and ISPs to place their orders with GBI, the newest and most advanced network in the region. FASTtelco has selected GBI as their carrier of choice and we are confident that we will exceed their expectations. Kuwait is a strategic market for GBI and it deserves a state of the art network that GBI will offer”
In conclusion, FASTtelco CEO, Abdul-Wahab Al-Naqeeb attributed the basis of this partnership to a number of reasons stating: “GBI is a company that is wholly owned by Gulf State sovereign wealth funds with Kuwait Investment Authority being one of their shareholders. We are pleased to support an international company that is from the region and for the region” adding: “We are happy to see that GBI is taking the lead on meeting the growing demand for capacity in Kuwait and the region, a commitment that FASTtelco is also undertaking”.
Scheduled to it launch its operations at the end of 2011 and designed to operate for up to 25 years, the GBI cable system will connect to all the Gulf countries and provide onward connectivity to Europe and Asia. The cable system is designed around a core ring, which can re-route traffic thereby increasing resilience. With a design capacity of up to 5 terabits per second on certain cable sections, the GBI cable system will have the capability to meet the rapid growth in demand that has been forecast for traffic originating and terminating in Gulf.
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About Gulf Bridge International
Gulf Bridge International (GBI) is a private company dedicated to connecting all the nations of the Gulf region to one another and to the rest of the world, using the latest fiber optic technologies. The GBI cable will be developed and owned by GCC investors who are building this strategic infrastructure to serve the entire region. GBI intends to be the carrier’s carrier of choice for traffic to and from the Gulf, facilitating social and economic growth in the region. GBI’s cable system will provide telecom operators and other communications companies, both in the region and globally, with greater choice, value, diversity and resilience. For more information, please visit www.gbiinc.com
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