Vodafone Qatar gains $250m facility for network rollout
22 May 2018 | Jason McGee-Abe
Vodafone Qatar obtained 911 million riyals ($250 million) in financing to help accelerate the operator’s fixed-line services rollout and 5G deployment across the country.
The medium-term revolving credit facility from Barwa Bank is available over a six-year period, Vodafone Qatar said in a statement.
“We are appreciative of Barwa Bank’s support in arranging this attractive financing and look forward to a strong long-term relationship with them,” said Sheikh Hamad Abdulla Jassim al-Thani, CEO of Vodafone Qatar.
“With this credit facility, we are reinforcing our commitment to drive the country’s digital transformation in support of the Qatar National Vision 2030.”
Barwa Bank is Qatar’s most progressive Shariah-compliant financial service provider, it said. The bank provides a full range of Shariah-compliant banking services, including retail, corporate, commercial, private banking, and real estate finance.
Khalid al-Subeai, CEO of Barwa Bank Group, added: “This credit facility follows Barwa Bank’s strategy, which is closely aligned with the Qatar National Vision 2030. As one of the leading Islamic banks in the country, Barwa Bank has provided Islamic financing solutions to several key entities that are contributing to the country’s GDP and are participating in the country’s development. The bank has been actively involved in financing large projects while ensuring they participate in and contribute to the diversification of Qatar’s economy.”
Vodafone Qatar has made significant progress in providing key entities around the country with mobile and fixed infrastructure and services and has committed to significantly growing its fixed-line network across the country.
The company’s launch of 5G will make Qatar one of the first countries in the world to have 5G services, accelerating the country towards becoming one of the most connected and technologically advanced in the world, Vodafone Qatar said. The two organisations will also partner to exchange other innovative solutions and products.