Mobily signs SAR10bn loan refinancing deal

13 Feb 2012

The Saudi telecoms operator Mobily has signed a SAR10 billion (USD2.67 billion) sharia-compliant loan refinancing agreement with a group of seven local banks. The cellco has combined three existing facilities into a single four-tranche Islamic loan. Mobily says the facility will be used to help finance investment in its mobile data and fixed broadband services. The operator, which is backed by Etisalat of the UAE, posted a net profit of SAR1.70 billion for the three months ended 31 December 2011, up 16% from SAR1.46 million one year earlier. Mobily attributed the growth to data revenues, which rose 59% in 2011; data accounted for 22% of Mobily’s total revenue in 2011, up from 18% in 2010.

Saudi Arabia, Mobily (Etihad Etisalat)