Thuraya secures key funding from DIB
Dubai, June 20, 2013
Thuraya Telecommunications Company, a leading mobile satellite services operator, has secured a multi-million dollar long-term financing through Dubai Islamic Bank (DIB) for upgradation of its network infrastructure.
The funds will also help Thuraya support further development and expansion of its product portfolio, including the highly successful SatSleeve satellite adaptor for smartphones.
"We are pleased to have secured this financing and entering into a long-term, relationship with DIB,” remarked its CEO Samer Halawi.
“This will help us strengthen our position as a leading MSS operator and provide the Company with additional financial flexibility to develop our next generation gateway and upgrade our network capacity. It also provides us with the breadth that supports our sustainable growth strategy as well as new business opportunities in key and emerging markets,” he added.
DIB deputy CEO Dr Adnan Chilwan said the renewed growth in the UAE economy and a positive outlook in the region, have prompted large corporations to once again invest in their infrastructure in order to capitalize on the new market opportunities.
"DIB is perfectly positioned to play its traditional role of supporting the growth and development of businesses in the UAE. Our strength and expertise enables us to structure complex financing deals tailored to the specific needs of our customers," he stated.
"This makes DIB the preferred partner for fuelling the growth of progressive companies like Thuraya," he added.
Naveed Ali, the chief of corporate banking, said: “We are excited to work with Thuraya as they embark on the next stage of their transformation. Like DIB, Thuraya is a company built on innovation, and together we have developed a financing facility that will support the implementation of the company’s ambitious product roadmap.”-TradeArabia News Service