Ooredoo secures new $177 million financing deal

Telecom company Ooredoo, based in Oman, recently secured three new streams of financing from local and international banks worth $177 million.

Ooredoo executives said the financing will support general operations and demonstrates the well-being of the company.

"There has been huge interest from both local and foreign banks in our new facility," Ooredoo Chief Financial Officer Jorgen Latte said. With our clear vision and strategy, Ooredoo attracts many banks who want to participate and support our strategic ambitions."

Ooredoo expects the funds to help it to continue improving its services and reach, which now covers 99 percent of Oman following a $322 million, three-year network expansion.

Ooredoo was created in 2004, and provides mobile, landline, Internet and corporate telecom services to 2 million customers throughout Oman, as well as customers in Qatar, Kuwait, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar, and Indonesia. The company's total customer base is estimated at 114.9 million. It employs more than 17,000 people and is publicly traded on the Muscat Stock Market. Ooredoo's reported 2014 revenues were $9.1 billion.

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