Emirates Integrated Telecommunications Company, which operates under the brand du in the UAE, has signed a US$100m financing deal with Standard Chartered.
The three-year transaction will “optimise liquidity levels” and “fund both short and medium…
Emirates Integrated Telecommunications Company, which operates under the brand du in the UAE, has signed a US$100m financing deal with Standard Chartered.
The three-year transaction will “optimise liquidity levels” and “fund both short and medium term capital expenditure,” according to Osman Sultan, CEO of du, in a statement.
TelecomFinance reported last month that du had secured a three-year US$100m loan facility from the Dubai branch of Singapore’s DBS Bank, in order to acquire equipment from Chinese manufacturer Huawei.
Du also signed a US$500m debt facility with the National Bank of Abu Dhabi last month.
“The financing deal with Standard Chartered, combined with the debt facilities recently agreed with DBS and National Bank of Abu Dhabi, will give du the financial flexibility to fund the future growth of the business,” added the statement.
