Dubai telecoms giant inks $1bn financing agreements

Emirates Integrated Telecommunications Company (EITC), which operates under the Du brand in the UAE, has signed financing agreements worth more than AED3.7 billion ($1 billion) to support future growth.

In a filing to Dubai Financial Market, the company said its board of directors has approved the long-term financing with a group of banks.

The financing comprises two facilities – AED1.981 billion five-year revolving credit facility and a AED1.788 billion seven-year term loan facility.

The company said in the statement that the proceeds will be used for general corporate purposes and to support its future infrastructure deployment.

Last week, EITC announced a net profit of AED257 million for the first quarter of the year, down 27.6 percent from the same period in 2020.

Financial results showed revenues of AED2.88 billion, which was 5.2 percent higher than the previous quarter but 3.7 percent lower than the first three months of last year.

Fahad Al Hassawi, acting CEO of EITC, said last week that the company added 13,000 broadband customers during the quarter, which is nearly as much as the annual net-adds in previous years. Arabianbusiness