Du to invest US$460mn for network projects in 2011

du, mobile, network projects, Othman Sultan, shareholders, shares, 3G, 4G, loans, profits, fixedlines, debtOthman Sultan said du would not need any new loans till the end of 2011

du is planning to inject nearly US$460mn into new mobile and fixed line network projects this year after paying back debt to banks, according to du's CEO Othman Sultan.

Othman Sultan said du would not need any new loans till the end of 2011 after it completed the payment of a US$810mn loan in June, adding that the company had received fresh liquidity from its profits and US$270mn from shareholders in return for shares.

"Looking at the company's budget last year, we had more than US$540mn in liquidity....we are now planning to invest around US$460mn in new projects this year covering the development of our fixed line and mobile phone networks," Sultan told the Sharjah-based Arab language daily Alkhaleej.

Sultan said du would focus on developing 3G and 4G systems, updating mobile phone internet facility and boosting network coverage.

Sultan added that du and etisalat were pushing ahead with a project to link their networks, adding that it could be partially ready before the end of this year.

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