Emirates Integrated Telecommunications Company, which operates under the brand du in the UAE, has secured a US$100m loan to acquire equipment from Chinese manufacturer Huawei.
The three year loan facility was signed with the Dubai branch of…
Emirates Integrated Telecommunications Company, which operates under the brand du in the UAE, has secured a US$100m loan to acquire equipment from Chinese manufacturer Huawei.
The three year loan facility was signed with the Dubai branch of Singapore’s DBS Bank, according to a statement from the telco.
“The nature of our business is that it requires sustained investment in infrastructure,” said Osman Sultan, CEO of du, in the statement. “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.”
Du has invested AED1.1bn (US$300m) in developing the company during the first nine months of 2012, Sultan added.
The telco announced EBITDA of AED957m (US$261m) in the third quarter of 2012, up from AED759m (IUS$207m) in Q3 2011.
