Nawras inks USD182m financing deal

Oman’s second national telecoms operator Nawras has announced the signing of a new financing deal worth USD182 million to help meet capital expenditure and working capital requirements. Nawras, which is majority owned by Qatar Telecom (Qtel), said the funds will partially finance its ‘turbocharging’ programme, under which the operator is increasing the speed, capacity and coverage of its mobile network. The company is also rolling out a 4G Long Term Evolution (LTE) network in the Sultanate. The consortium for new financing comprises DBS Bank – Dubai Branch, HSBC Oman, Mizuho Corporate Bank and Qatar National Bank. ‘There had been a huge interest from both local and foreign banks in our new facility,’ commented Jorgen Latte, Nawras’ chief financial officer, adding: ‘With its clear vision and strategy, Nawras attracts many banks who want to participate and support our strategic targets. The strong commitment of the international banks in this new facility also reflects the strength and trust in the Omani economy and Nawras as one of its key flagship companies.’