UAE Base Du Signs $100 Million Loan for Huawei Equipment Purchases
Published on: 17th Dec 2012
Note -- this news article is more than a year old.
UAE based mobile network Emirates Integrated Telecommunications (Du) has signed a financing deal for a US$100 million three year loan facility to fund its capital investment in the business.
A portion of the loan will be used to finance the purchase of Huawei supplied equipment.
Osman Sultan, CEO of du, said: "Our commitment to investment in innovation, products and services has been a key driver of growth. We are confident that du is well positioned to continue to maximise growth opportunities going forward and to achieve this will require investment in key areas of our business.
"The nature of our business is that it requires sustained investment in infrastructure. This financing is an essential part of our ongoing programme of capital investment that in this case will fund the acquisition of equipment from Huawei to enhance network performance and operations in HSPA+, LTE and Advanced LTE."
"We are pleased to have agreed the loan which demonstrates the ongoing support from the financial community for our growth plans."
Du signed the investment agreement with the Dubai branch of Singapore-based DBS Bank.
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