Etisalat consortium raises USD2.35 billion for mobile network

16 Aug 2004

The Etisalat-led consortium that earlier this month won concessions to provide 2G and 3G services in Saudi Arabia, has raised USD2.35 billion to build out its network in what is said to be the region’s largest ever corporate loan. A group of eight banks – consisting of Citigroup and seven regional institutions – arranged the one year bridging loan, which will be replaced by a permanent deal in 2005.

Saudi Arabia, Etisalat UAE