Dubai telecom firm gets 100-mln-USD loan from Singapore bank
DUBAI, Dec 16, 2012 (Xinhua via COMTEX) --
The Dubai telecom operator Du said
Sunday it has secured a 100-million-U.S. dollar loan from
Singapore-based DBS bank in order to upgrade its network
Emirates Integrated Telecommunications Company, better known as
Du, has signed the investment agreement with the Dubai branch of
Singapore-based DBS bank, a financing provider mostly operating in
Asia with 200 branches in 15 markets, an e-mailed statement of Du
Du's chief executive Osman Sultan said the proceeds of the loan
will mainly fund the enhancement of its network performance
through acquiring equipment from Huawei Technologies, the world's
largest information technology and telecommunications hardware
producer based in Shenzhen, China.
Du, founded in February 2007, is the second telecom operator of
the United Arab Emirates and shares the Gulf state's market with
Abu Dhabi-based leader Etisalat in a duopoly.
In the third quarter, Du posted a 34-percent year-on-year rise
in net profits amounting to 326.9 million dirhams (89.14 million
U. S. dollars).
Du shares, listed at the Dubai Financial Market (DFM), gained
19 percent in value since Jan. 1, 2012, outperforming the DFM lead
index which added 16.90 percent in the same period of time.
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