Thuraya Telecommunications Company, a leading mobile satellite services (MSS) operator, has secured a long-term financing facility through Dubai Islamic Bank (DIB). Thuraya will use the proceeds to upgrade its network infrastructure and to support further development and expansion of its product portfolio, including the Thuraya SatSleeve satellite adaptor for smartphones.
“We are pleased to have secured this financing and enter into a long-term relationship with DIB,” says Samer Halawi, CEO of Thuraya. “This will help us strengthen our position as a leading MSS operator and provide the company with additional financial flexibility to develop our next generation gateway and upgrade our network capacity. It also provides us with the breadth that supports our sustainable growth strategy as well as new business opportunities in key and emerging markets.”
Naveed Ali, Chief of Corporate Banking at DIB, says: “We are excited to work with Thuraya as they embark on the next stage of their transformation. Like DIB, Thuraya is a company built on innovation, and together we have developed a financing facility that will support the implementation of the company’s ambitious product roadmap.”