News Column

Mobily wins award for best commercial financing deal

May 10, 2014

Arab News, Jeddah, Saudi Arabia



May 10--JEDDAH -- Mobily won another award for the best trade finance deal by "Global Trade Review World" during a celebration at the Jumeirah hotel in London,

This took place in the presence of a group of major financial institutions from around the world.

Syed Mustafa Ahmed, general manager, treasury, received the award on behalf of Mobily.

Mobily won this award for the $650 million financing deals, signed by the company with Swedish and Finnish Export Credit Agencies (ECAs) with a competitive profit margin.

This deal is considered the first Islamic financing deal concluded with Swedish and Finnish export credit and it is the first and the largest of its kind in the Middle East.

Moreover, it is a long-term deal extending over ten years period and the repayment will begin after a year and a half.

This financing will be allocated to the company's expansion in the 3G and 4G of infrastructure.

Mobily's negotiations to conclude this transaction was completed in record time, reflecting the professionalism and speed of communication between the parties.

Mobily has already won two awards for the best Murabaha and Trade finance deal for the year 2013 by the "Islamic Finance News magazine" IFN for the same financing deal, which reflects the company's strategic vision.

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(c)2014 the Arab News (Jeddah, Saudi Arabia)

Visit the Arab News (Jeddah, Saudi Arabia) at www.arabnews.com

Distributed by MCT Information Services


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Source: Arab News (Saudi Arabia)


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