Bank of Bahrain and Kuwait (BBK) is providing $200 million in finance to Beyon for a submarine cable systems project.
Beyon, through Batelco, has joined the SEA-ME-WE 6 (Southeast Asia-Middle East-Western Europe) consortium, which is building an undersea telecommunications cable system connecting Bahrain with 14 other countries across 3 continents, and the financing by BBK will enable Beyon’s participation in this project.
The agreement was signed by BBK Group chief executive Dr AbdulRahman Saif and Beyon chief executive Mikkel Vinter during a ceremony attended by executives from both parties.
Commenting, Dr Saif, stated that supporting projects that enhance the digitisation and expansion of communications networks, ensuring their preparedness for various transformations is of paramount importance within the bank’s strategic plans and policies.
“BBK is fully committed to supporting all programmes and initiatives that strive to enhance the efficiency of vital sectors and drive growth, ultimately delivering unparalleled value to both local and international consumers,” he added.
Mr Vinter emphasised that this funding will play a pivotal role in empowering Beyon to materialise its vision of establishing a robust and advanced digital infrastructure.
“The major investment positions Beyon among one of the biggest investors in the global submarine cable consortium and reflects the company’s strategic plans to enhance its connectivity capabilities for the future, in line with the kingdom’s vision to accelerate digital transformation and the growth of the digital economy,” Mr Vinter added.
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