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FINANCIAL NEWS
Dubai’s du secures USD100m loan for Huawei equipment
17 Dec 2012
(MENAFN) Emirates Integrated Telecommunications Company (du) has secured a USD100 million financing deal to fund its businesses, Arabian Business reported.
Osman Sultan, CEO of du said that the nature of the telecoms business is that it requires sustained investment in infrastructure.
He added that the cash will be used to fund the acquisition of equipment from Huawei to enhance network performance and operations in HSPA+, LTE and Advanced LTE.
du, which ended rival Etisalat’s domestic monopoly in 2007, earned USD89 million net profit in the third quarter ended September 30, up from USD66.5 million a year earlier.
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