Mobily signs MoU with Nokia Siemens Network
Telecom provider of Saudi Arabia, Mobily has signed a Memorandum of Understanding (MoU) with Nokia Siemens Networks and is set to further modernize and expand its 2G, 3G and 4G networks between 2013 and 2015. As per the MoU, Nokia Siemens Networks will facilitate a long-term export credit of US$325 million 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.
Under this major initiative, Khalid Al-Kaf, CEO, Mobily, signed the MoU with the CEO of Nokia Siemens Networks, Rajeev Suri.
Khalid AI-Kaf said, In our commitment to constantly enhance mobile broadband service experience for our customers, we will be investing US$325 million 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 US$325-million long-term loan with the 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.
The Finnish export credit agency Finnvera and its subsidiary Finnish Export Credit (FEC) have issued their guarantee and financing offers.
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