Thuraya secures multi-million dollar long-term financing
DUBAI, UAE, June 20, 2013 - Thuraya Telecommunications Company, a leading mobile satellite services operator is pleased to announce it has secured a long-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/
About Thuraya Telecommunications Company
Thuraya Telecommunications Company is an industry leading MSS operator and a global telecommunication provider offering innovative communications solutions.
For further information, please contact:
Shereen Hanafi Director of Communications, Thuraya
Tel: + 971-4-4488-888