Du repays AED 3 billion

Du, one of the two largest telecom operators in the UAE has announced today that they have repaid back a loan of AED 3 billion to a group of 16 banks in total. Using a combination of financial facilities, existing support and cash, they were able to pay back the syndicated loan, which was split into two separate currencies. The company announced this news to the Dubai Bourse. This financial arrangement between Du telecom and a syndicate of banks was taken out in 2008, as the first debt offering by the company and was initially used for the brighter expansion of their operational network across the United Arab Emirates. The Chief Executive of Du, Osman Sultan announced the company’s optimism and relief to currently be in such a steady position. They are pleased ‘to be in such a strong position to be able to repay this facility using the most efficient resources available to our company.”