Mobily in $650m financing deal with Ericsson, NSN
Riyadh, June 30, 2013
Saudi Arabia's Mobily has signed memorandum of understandings with Nokia Siemens Networks and Ericsson to fund the purchase of $650 million of equipment from the firms, the telecom operator said on Sunday.
Mobily, also known as Etihad Etisalat, said it would work with the Finland and Sweden export credit agencies to finalise the 10-year sharia-compliant facilities.
The operator, an affiliate of the United Arab Emirates' Etisalat, said the deal would be the first of its kind in Saudi Arabia's telecom sector and would boost the company's free cash flow.
Mobily has mandated Credit Agricole and Deutsche Bank to structure and arrange the facility. - Reuters
More IT & Telecommunications Stories
- UAE to launch mobile number portability Sunday
- Batelco offers automatic bill payment
- Etisalat unveils business solutions for SMEs
- Top honours for Nawras female engineer
- Bahrain TRA showcases services at expo
- Mobily to review IT trends
- Du offers special roaming rates
- Etisalat completes first phase of key IT project
- Expert outlines IT trends
- Nawras launches mobile business plans