DUBAI, United Arab Emirates - Thursday, June 20th 2013 [ME NewsWire]
Thuraya Telecommunications Company, a leading mobile satellite services operator is pleased to announce it has
secured a term financing facility through Dubai Islamic Bank (DIB).
Thuraya will use the proceeds to upgrade its network infrastructure and
to support further development and expansion of its product portfolio,
including the highly successful Thuraya SatSleeve satellite adaptor for
smartphones.
"We are pleased to have secured this financing and
entering into a long-term, relationship with DIB,” said Samer Halawi,
Chief Executive Officer of Thuraya. “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.”
Dr Adnan Chilwan,
Deputy Chief Executive Officer of DIB, 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. This makes DIB the preferred partner for fuelling the growth
of progressive companies like Thuraya.”
Naveed Ali, Chief of
Corporate Banking, DIB, 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.”
About Dubai Islamic Bank:
Dubai
Islamic Bank (DIB), established in 1975, is the first Islamic bank to
have incorporated the principles of Islam in all its practices and is
the largest Islamic bank in the UAE. Visit: http://www.dib.ae/
For further information, please contact:
Liam Turner / Tameem Alkintar
ASDA’A Burson-Marsteller
Dubai, UAE
Tel: +971-4-4507600
Email: liam.turner@bm.com/ tameem.alkintar@bm.com
About Thuraya Telecommunications Company
Thuraya
Telecommunications Company is an industry leading MSS operator and a
global telecommunication provider offering innovative communications
solutions.
Contacts
Thuraya
Shereen Hanafi,
Director of Communications, +971-4-4488-888
corporatecomms@thuraya.com
Follow Thuraya on: Facebook, LinkedIn, Twitter and YouTube
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