DOHA: Masraf Al Rayan and Gulf Bridge International have joined force to launch a $445m maritime communications project. A deal whereby Al Rayan will provide financial advisory and placement agency services to GBI for its sub-sea cable project, Gulf Bridge International Cable System (GBICS).
GBICS will be geographically the widest of its kind in the region to serve the countries bordering the Gulf as well as the North-East African countries connected with the rest of the world through Italy in the west route and India in the east route, thus bridging the three continents together.
Knowledge Ventures, a wholly owned subsidiary of Qatar Foundation (QF) specialising in communications and information technology investments, is an anchor shareholder. Other committed institutions include the Qatar Investment Authority (QIA)
"Knowledge Ventures is keen to support investments of high quality and added value to the region and create enhanced investment opportunities for economic and knowledge benefits to our partnersin the region," said Rashed Al Noaimi, Chairman of Knowledge Ventures.
"There is no doubt that the need for modern technology infrastructure is a must in light of the increasing reliance of the public and private sectors on broadband communication services. The vacuum that exists in the options available to the GCC countries of multiple, reliable, high-capacity international cables creates an excellent investment opportunity that makes financial and technical sense."
Qatar: $445m sub-sea cable to bridge continents