Muscat: Omani Qatari Telecommunications Company (Nawras), signed a new financing agreement worth $182 million (OMR70 million) with a five-year tenure, for capital expenditure and working capital requirements. The consortium for new financing consists of DBS Bank (Dubai branch), HSBC Oman, Mizuho Corporate Bank, and Qatar National Bank. The facility agent for this financing is Qatar National Bank. Nawras has commenced turbo-charging of its network in order to increase speed, capacity and provide wider coverage to give customers a more rewarding experience.
The programme includes increased 3G+ capacity offering doubled speeds and greater coverage, launching 4G LTE services as well as new network footprint. This programme of future proofing our network shall be partially financed by this new facility.
Jorgen Latte, Chief Financial Officer, Nawras said: "There had been a huge interest from both local and foreign banks in our new facility. 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."