Thuraya Telecommunications Company, a leading mobile satellite services operator 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,” Samer Halawi, Chief Executive Officer of Thuraya, said.
“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.”
“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,” Dr Adnan Chilwan, Deputy Chief Executive Officer of 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,” Naveed Ali, Chief of Corporate Banking, DIB, said.