Thuraya secures multi-million dollar long-term financing

Thuraya Telecommunications Company, a leading mobile satellite services operator, has announced a long-term financing facility from 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 capitalise 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."

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