First Telecom Project Funded by AIIB
LS Cable and System (LS C&S) will participate in the first telecom project sponsored by the Asian Infrastructure Investment Bank (AIIB). The company announced on Nov. 6 that it was selected as one of the companies that would build a broadband network in Oman.
Through the project, Oman BroadBand (OBB), a state-run communications company in Oman, will build the nation’s fiber-optic network. The project will be carried out in two stages, the first one in the capital city of Muscat by 2021 and other major cities and the second one in provincial areas by 2030.
LS C&S will take on design and engineering work for telecommunication networks and supply optical cables. The company has conducted a large-scale project in Qatar near Oman. With this project, it has secured a competitive edge against its competitors, the company said.
The contract will enable LS C&S to post at least tens of billions of won in sales in the first phase alone, which is estimated to be about 200 billion won. The second phase is expected to be larger in size.
This project has garnered a lot of attention from the cable industry as it is the first telecom infrastructure project invested by AIIB, which has thus far invested mainly in power grid and road construction projects.