Dubai telecom firm approved for US$100 million loan by DBS

Du-phoneDu has signed a financing deal for US$100 million loan. (Image source: Joi Ito/Flickr) Emirates Integrated Telecommunications Company (Du) has been approved a US$100mn three-year loan facility to help fund its capital investment activities

Du signed the investment agreement with the Dubai branch of Singapore-based DBS Bank.

Osman Sultan, chief executive officer of Du, said, "Our commitment to investment in innovation, products and services has been a key driver of growth. We are confident that Du is well positioned to continue to maximise growth opportunities going forward and to achieve this will require investment in key areas of our business.

"The nature of our business is that it requires sustained investment in infrastructure. This investment in state of the art technologies is expected to further enhance the experience our customers enjoy and enable the launch of new services and applications.”

Pranam Wahi, managing director and head of DBS Middle East, added, "DBS is pleased to partner with Du as the company continues with its solid growth plan. As a bank born and bred in Asia, we understand the intricacies of doing business in the region's most dynamic markets and we are committed to helping our clients succeed."

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