Mobily secures SAR 1.2bn in Islamic financing

Etihad Etisalat Company secured a SAR 1.2 billion facility through short-term Islamic financing at a competitive Murabah rate for 12 months through a consortium of five banks: Samba Financial Group, National Commercial Bank, Riyadh Bank, the Saudi Arabian British Bank and Saudi Fransi Bank.
The new financing will be used to expand and upgrade Mobily's current data communication infrastructure to grow Mobily's mobile and fixed broadband business in line with the company's strategic Growth, Efficiency and Differentiation (GED) objectives.