Saudi stc Launches Vision Submarine Cable in Red Sea

The Saudi Vision Cable, inspired by Vision 2030, is wholly owned by stc Group and spans over a distance of 1.1 million meters. (Asharq Al-Awsat)
The Saudi Vision Cable, inspired by Vision 2030, is wholly owned by stc Group and spans over a distance of 1.1 million meters. (Asharq Al-Awsat)
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Saudi stc Launches Vision Submarine Cable in Red Sea

The Saudi Vision Cable, inspired by Vision 2030, is wholly owned by stc Group and spans over a distance of 1.1 million meters. (Asharq Al-Awsat)
The Saudi Vision Cable, inspired by Vision 2030, is wholly owned by stc Group and spans over a distance of 1.1 million meters. (Asharq Al-Awsat)

Saudi telecommunication company stc Group launched the "Saudi Vision Cable," the first high-speed cable in the Red Sea, through its first landing station in Jeddah.

The Governor of the Communications and Information Technology Commission (CITC), Mohammed al-Tamimi, attended the launch ceremony.

The Saudi Vision Cable, inspired by Vision 2030, is wholly owned by stc Group and spans over a distance of 1.1 million meters.

The new cable will provide connectivity up to 18 Terabytes per second/fiber pair with 16 fiber pairs through four landings in Jeddah, Yanbu, Duba, and Haql.

Group CEO Olayan al-Wetaid explained that this achievement reveals the company's leadership in providing advanced maritime and international telecommunications services.

Wetaid indicated that it reflects "our comprehensive strategy that aims to diversify the Group's investment opportunities and support digital transformation in the Kingdom of Saudi Arabia by boosting the digital infrastructure."

He explained that the cable would provide digital connectivity services for corporates and individuals between Saudi Arabia and the world by building a regional digital hub connecting the continents and helping meet the needs of companies and customers via an integrated digital ecosystem.

Saudi Vision Cable provides communication between several international information centers.

"It also achieves the raising level of the unified optical fiber platform that is cost-efficient and flexible, and provides access low latency - to all international cables in the landing stations and information centers of the stc Group," he added.

The new cable will be one of the submarine cables that will be linked to the MENA Hub connecting three continents of the globe, leveraging the strategic location of the Kingdom of Saudi Arabia. It will help to enhance investment in international communication services and data centers.

It will join the 16 cables invested by stc Group between the east and the west of the Kingdom and provide more reliable internet service to meet the increasing demand for communications and internet at the local and international levels.

It will also allow all of the country's sectors to obtain high-speed internet services, including education, healthcare, and business which will, in general, provide economic and social benefits.



Dell Forecasts Downbeat Fourth-Quarter Revenue on PC Weakness

The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
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Dell Forecasts Downbeat Fourth-Quarter Revenue on PC Weakness

The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)
The logo of Dell Technologies at the Milipol Paris, the worldwide exhibition dedicated to homeland security and safety, in Villepinte near Paris, France, November 15, 2023. (Reuters)

Dell forecast fourth-quarter revenue below Wall Street expectations on Tuesday, weighed down by weaker demand for its traditional PCs and competition from rival server makers, sending its shares down more than 10% in extended trading.

Despite booming demand for the company's AI-optimized servers used to handle large artificial intelligence workloads, Dell's PC segment has been grappling with stiff competition from rivals and weak consumer spending amid an uncertain economy.

Enterprise customers are being mindful of their PC and IT spending in the short term, Dell executives said on a post-earnings conference call, adding that the company's consumer business was weaker than expected.

Dell forecast fourth-quarter revenue between $24 billion and $25 billion. The average analyst estimate is $25.57 billion, according to data compiled by LSEG.

"The entire PC market is in a transition period and moving towards on-device AI functionality which still isn't that defined and is expected to solidify in 2025," Gadjo Sevilla, senior analyst for AI and Tech at Emarketer, said.

Revenue from Dell's client solutions group, which houses its PC business, came in at $12.13 billion, below expectations of $12.43 billion.

Rival PC maker HP also provided a weak first-quarter profit forecast, while electronics retailer Best Buy trimmed its annual forecasts against the backdrop of weak consumer electronics demand.

Investors are also keenly eyeing Dell's costs after the company flagged in May that higher expenses to build AI-heavy servers and competitive pricing would hurt its margins.

"Interest in our portfolio is at an all-time high, driving record AI server orders demand of $3.6 billion in Q3 and a pipeline that grew more than 50%," Dell's Chief Operating Officer Jeff Clarke said on Tuesday.

Revenue from the company's infrastructure solutions group unit, which houses its AI servers business, rose 34% to $11.37 billion and beat estimates.

Dell reported revenue of $24.37 billion in the third quarter, missing estimates of $24.67 billion.