Stock du telecom
du's first quarter results were quite upbeat, showing marked improvement from the lows of 2020. Image Credit: Ahmed Ramzan/Gulf News

Dubai: The Dubai telco du has raised long-term debt finance of Dh3.76 billion from a group of banks to part fund its expansion and other requirements.

The debt is split into a Dh1.98 billion five-year revolving credit facility and Dh1.78 billion as a seven year loan facility. Du had recently come up with first quarter 2021 results that show a marked improvement on the profit side. At the time, the operator said it will continue to focus on the 5G rollout programme.

Details of the banks involved and the financing terms have not been revealed. But UAE corporates and government entities are tapping sizeable debt funds as interest rates remain on the lower side.