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Saudi's Mobily has no current financing needs -exec - ASHARQ AL-AWSAT English Archive
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RIYADH, (Reuters) – Saudi Arabia’s Etihad Etisalat (Mobily) does not require any new financing following the signing of a 10 billion riyal ($2.67 billion), sharia-compliant loan in February, a company executive said on Tuesday.

“That was good enough for the time being. If the business required another financing, we will do so,” Khalid al-Kaf, managing director of Mobily, told reporters on the sidelines of a company event.

Mobily, Saudi Arabia’s second-largest telecoms operator by market capitalisation, rolled three existing facilities into a new, four-tranche Islamic loan with tenors of between five and seven years, it said in a statement in February.

The carrier is an affiliate of Etisalat, the former monopoly operator in the United Arab Emirates.

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.

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