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Emirates Integrated Telecommunications Company PJSC (du) today announced committed financing arrangements to drive increased network investments.

Company Financing

The company today announced an AED3bn medium term syndicated loan facility to finance its network expansion over the coming years.

Osman Sultan, the CEO of du, said "We are pleased to have secured our medium term funding requirements through working closely with Mashreq whom we have appointed to lead the transaction on our behalf. The faster acquisition of subscribers, and consequently increased revenue, over and above that included in our initial business plan has led us to pull forward certain capital expenditure.

This financing facility will enable us to roll out our network infrastructure faster so that we have the increased capability and capacity required to deliver our services to more customers across the Emirates.

Omar Bouhadiba, Head of Corporate & Investment Banking Group in Mashreq said, "We are delighted to be working with du; in underwriting this facility we have shown our commitment to the second telecom operator of the UAE.  We are very pleased to lead the transaction for one of the foremost listed companies in the country, which carries behind it the ownership strength of the UAE Government.

In a very short period of time, since its inception, du has surpassed all expectations and built up an envious franchise.  Having led a number of high profile transactions in recent months, Mashreq will employ its vast experience and network to secure a successful syndication for du".

It is expected that the facility will be syndicated to local and international financial institutions over the coming 3 months.

Notes and contacts

About du

du, the new telecommunications company in the UAE, launched mobile telecommunication services on 11 February 2007 across the UAE in addition to internet and pay TV services in some of the free zones of Dubai. Call Select, the first of du's nationwide Fixed line services for voice telephony, was launched in July 2007.

Among du's many firsts is its historic Number Booking Campaign for both individuals and business, Pay by the Second billing system, Mobile TV, Mobile Payments, first of its kind ‘WoW' recharge card (which offers customers the choice between more credit and more time) and Self Care. du business offers include Closed Business User Group and preferred International Destinations.

du's retail network, currently numbering 16 du shops located in strategic locations across all emirates, was launched on 25 February 2007, supporting the delivery of du services to customers.

du is 40 percent owned by the UAE Federal Government, 20 percent by Mubadala Development Company, 20 percent by TECOM Investments and 20 percent by public shareholders. It is listed on the Dubai Financial Market (DFM) and trades under the name du.

du was recognised as the ‘Best Brand' for its innovative branding and outstanding success at the Telecom World Awards Middle East 2007.

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