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[December 16, 2012]
Dubai telecom firm gets 100-mln-USD loan from Singapore bank
DUBAI, Dec 16, 2012 (Xinhua via COMTEX) -- The Dubai telecom operator Du said Sunday it has secured a 100-million-U.S. dollar loan from Singapore-based DBS bank in order to upgrade its network performance.
Emirates Integrated Telecommunications Company, better known as Du, has signed the investment agreement with the Dubai branch of Singapore-based DBS bank, a financing provider mostly operating in Asia with 200 branches in 15 markets, an e-mailed statement of Du said.
Du's chief executive Osman Sultan said the proceeds of the loan will mainly fund the enhancement of its network performance through acquiring equipment from Huawei Technologies, the world's largest information technology and telecommunications hardware producer based in Shenzhen, China.
Du, founded in February 2007, is the second telecom operator of the United Arab Emirates and shares the Gulf state's market with Abu Dhabi-based leader Etisalat in a duopoly.
In the third quarter, Du posted a 34-percent year-on-year rise in net profits amounting to 326.9 million dirhams (89.14 million U. S. dollars).
Du shares, listed at the Dubai Financial Market (DFM), gained 19 percent in value since Jan. 1, 2012, outperforming the DFM lead index which added 16.90 percent in the same period of time.
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