Saudi mobile operator Etihad Etisalat (Mobily) has inked a US$561m shariah-compliant vendor financing to buy network equipment and services from Ericsson and Nokia Solutions Networks.
The facility is supported by Swedish export credit agency EKN and…
Saudi mobile operator Etihad Etisalat (Mobily) has inked a US$561m shariah-compliant vendor financing to buy network equipment and services from Ericsson and Nokia Solutions Networks.
The facility is supported by Swedish export credit agency EKN and Finland’s Finnvera. Deutsche Bank, Credit Agricole and Societe Generale acted as MLAs.
Over the past year, Mobily has signed three other similar vendor financings worth a combined US$1.4bn.
A company source told TelecomFinance earlier this year that ECA financing “puts less pressure on cashflow than other forms of financing so money can be spent on expansion projects instead”.
Mobily recently ended talks to acquire a stake in local fixed-line operator Etihad Atheeb Telecom (Go). The companies did not disclose why the deal failed.
