Riyadh: Etihad Etisalat, or Mobily, has signed memorandum of understandings with Nokia Siemens Networks and Ericsson to arrange $650 million in long-term financing to acquire equipment from the two companies, the Saudi telco said on Sunday.

“Mobily will be working closely with the official Export Credit Agency of Finland [Finnvera] and the Swedish Export Credit Corporation [SEK] to complete the Shariah-compliant transaction,” Mobily said in a statement posted on the Saudi bourse website.

The telco is working with Credit Agricole and Deutsche Bank on the 10-year facilities. The investment will be used to upgrade its infrastructure, it said. Mobily, Saudi Arabia’s No 2 of three mobile companies, said in January it would spend nearly $6 billion (Dh22.03 billion) over five years to upgrade and expand the company’s infrastructure.