Dubai's du inks $100m financing deal

du CEO Osman Sultan.

du CEO Osman Sultan.

Dubai's Emirates Integrated Telecommunications Company, better known as du, on Wednesday said it has signed a $100m financing deal with Standard Chartered.

The financing, and other debt facilities secured recently, would give the firm flexibility to fund future growth of its business, du said in a statement on Dubai's bourse.

Osman Sultan, CEO of du, said: "As part of the company's commitment to regularly review its funding requirements we have signed a financing deal with Standard Chartered.

"The debt will optimise liquidity levels and allow us to fund both short and medium term capital expenditure in the most effective and efficient manner.

"Our commitment to supporting the growth of the business and maximising the value we deliver to shareholders is unwavering and we are confident that we have a fully funded business plan and the financial means to support our future growth."

In December, the company secured a $500m club debt facility and signed a $100m three-year loan facility with Singapore's DBS Bank to fund the acquisition of equipment from Huawei to enhance network performance and operations.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Are the troubles easing for Saudi construction giant Binladin?

Are the troubles easing for Saudi construction giant Binladin?

Gulf kingdom's biggest builder appears to have pulled back from...

Statistics fog raises risk as cheap oil hits Gulf

Statistics fog raises risk as cheap oil hits Gulf

Sharp revision of economic data in Saudi Arabia suggests its...

Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

Most Discussed
sponsoredTracking