Ooredoo signs USD177m financing deals

Ooredoo Oman has signed three new financing agreements with local and international banks worth USD177 million. The firm, which is majority owned by Qatar-based telecoms group Ooredoo, said that the new funding will be used ‘for general corporate purposes and will underpin continued investment in the company’s network and ongoing enhancement of services for the company’s growing business and consumer customers.’ Ooredoo has spent more than OMR124 million (USD321 million) on the modernisation of its network over the last three years, resulting in population coverage increasing to approximately 99%. Commenting on the agreement, Ooredoo’s chief financial officer Jorgen Latte said: ‘There has been huge interest from both local and foreign banks in our new facility. With our clear vision and strategy, Ooredoo attracts many banks who want to participate and support our strategic ambitions.’