Ooredoo Oman signs $177 million in financing deals

Ooredoo Oman has signed three financing deals, with both local and international banks, worth a total of $177 million.

According to a bourse statement from the company, the money will be used for general corporate services and will underpin Ooredoo Oman’s continued investment in its network and enhancement of services. It did not disclose the identities of the two lending banks.

The company has invested heavily in modernising its network over the last three years, resulting in population coverage growing to approximately 99%.

“There has been huge interest from both local and foreign banks in our new facility,” said Jorgen Latte, Ooredoo CFO.

“With our clear vision and strategy, Ooredoo attracts many banks who want to participate and support our strategic ambitions.”

The company said that securing the financing deals was reflective of its “strong balance sheet, positive brand equality and excellent market performance”.

In September last year, Ooredoo Oman signed an LTE roaming deal with Telenor.