According to information, agreements for the banking financing of the construction of the EMC (East To Med Data Corridor) data transmission cable system, which connects Asia with Europe, are nearing completion.

The first phase of the project, specifically connecting Saudi Arabia to Europe with a budget of $600 million, is expected to commence in two to three months. This phase is projected to be completed in approximately 3.5 years.

Starting from Saudi Arabia, the EMC will pass through Jordan, Israel, and Greece (Crete), with one branch ending in Genoa and another in Marseille. 

Recent months have seen changes in the EMC consortium, with the exit of Cyta, the Cypriot telecommunications organization. Currently, Saudi Telecom holds a 72% stake, Public Power Corporation (DEI) retains its original 25%, and Telecommunication Telephony Satellite Applications – TTSA, a telecom company based in Greece with offices in Cyprus and Switzerland, holds 3%.

This new cable system will follow a novel route for Asia-Europe connection. Unlike existing cables mainly passing through Egypt and Suez with Marseille as the endpoint, EMC offers a strategically alternative path, significantly reducing data transmission delay.

In its second phase, EMC will extend from Saudi Arabia to India, Singapore, and Malaysia.

Discussions on EMC began in October 2021 when the Greek government head presented the project to the Saudi Arabian Crown Prince, Mohammed bin Salman, leading to the implementation agreement by their respective teams. In April 2022, the consortium's shareholders signed a cooperation memorandum, followed by the Shareholders' Agreement in July of the same year.