Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Mobily Inks $320 Mln Financing - ASHARQ AL-AWSAT English Archive
Select Page

MANAMA, (Reuters) – Saudi Arabia’s second biggest telecoms operator Mobily 7020.SE has signed a 1.2 billion Saudi riyal ($320 million) Islamic loan with five local banks to fund its expansion, it said on Tuesday.

The Saudi telecoms markets is still growing at a fast pace in particular in the broadband and data service segment and Mobily has rolled out a new optic fiber network this year.

Its third-quarter net profit rose 41 percent, helped by higher broadband revenues.

The company, also known as Etihad Etisalat, said in a statement the loan will have a tenure of 12 months, which can be extended by six months.

Emirates Telecommunications ETEL.AD owns a 27.4 percent stake in Mobily, its biggest shareholder.

Mobily in its statement did not disclose the financial terms of the loan, obtained from Samba Financial Group 1090.SE, National Commercial Bank, Riyad Bank, Saudi British Bank and Banque Saudi Fransi.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube