Market Chatter: Meta Halts Work on Underwater Cable System in Persian Gulf due to Iran Conflict

MT Newswires Live02:48

Meta Platforms (META) has halted part of work on a planned 28,000-mile underwater cable system called 2Africa due to the Iran conflict, Bloomberg reported late Thursday, citing sources familiar with the matter.

French state-owned Alcatel Submarine Networks, which is tasked with laying the fiber-optic cable in the Persian Gulf for the project, can no longer safely continue the work and has given force majeure notices to customers, the sources told the media outlet.

Meta and its consortium partners planned to launch a section of the cable as early as this year, according to the report.

The project, aimed at expanding internet service in Africa, runs through landing stations in Oman, the United Arab Emirates, Qatar, Bahrain, Kuwait, Iraq, Pakistan, India, and Saudi Arabia, the report said.

Meta did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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