Mobily (Etihad Etisalat Company), a leading telecom operator in Saudi Arabia, is set to further modernize and expand its 2G, 3G and 4G networks between 2013 and 2015.
 
Under this major initiative Mobily has signed a Memorandum of Understanding (MoU) with Nokia Siemens Networks. As per the MoU, Nokia Siemens Networks will facilitate a long term export credit of 325 mn USD with Finnvera, Finnish Export Credit (FEC), and lenders Credit Agricole and Deutsche Bank. Mobily will use this credit to purchase advanced solutions and services from Nokia Siemens Networks.
            
The Finnish export credit agency Finnvera and its subsidiary Finnish Export Credit (FEC) have issued their guarantee and financing offers. Mobily has mandated Credit Agricole and Deutsche Bank to structure and arrange for Shariah Compliant financing, for which the services of Latham & Watkins as legal counsel to Mobily, and Allen & Overy as legal counsel to lenders have been sought.

Khalid AI-Kaf, CEO, Mobily, said, “In our commitment to constantly enhance mobile broadband service experience for our customers, we will be investing 325 mn USD over the next 18 months to upgrade and expand our mobile broadband infrastructure. This infrastructure upgrade using Nokia Siemens Networks’ advanced solutions and services will set a new benchmark in providing unmatched data service experience in Saudi Arabia.”
 
Gergely Abraham, Head of Structured Finance, Nokia Siemens Networks Middle East, said, “We are committed to helping Mobily provide top quality mobile broadband services for its customers across the country. To support Mobily’s investment plan, we have facilitated a 325 mn USD long-term loan with leading export credit agencies and high-quality lenders. Having worked with Mobily for a long time, Nokia Siemens Networks fully grasps the operator’s needs, and is well placed to provide support at all possible levels.”
 
Topi Vesteri, Executive Vice President of Finnvera, said, “This will be the largest transaction Finnvera and FEC is supporting in the Kingdom of Saudi Arabia, and in the Middle East. We look forward to contributing with our credit enhancement of highest credit quality to the success of Mobily and Nokia Siemens Networks in the growing Saudi Arabian telecom market. We highly appreciate the close cooperation with Mobily, Nokia Siemens Networks and the lenders throughout the process.”

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