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Dubai telecom firm Du bags USD 100-mn loan

Posted on Dec 17, 08:19AM | IANS

Dubai telecom operator Du has secured a USD 100-million loan from the Singapore-based DBS bank in order to upgrade its network performance.

The Emirates Integrated Telecommunications Company, better known as Du, has signed the agreement with DBS bank, Xinhua reported Sunday.

Du's chief executive Osman Sultan said the money will be used to buy equipment from Huawei Technologies, a Chinese telecom company based in Shenzhen.

Du, founded in February 2007, is the second telecom operator of the United Arab Emirates and shares the UAE market with Abu Dhabi-based leader Etisalat in a duopoly.

In the third quarter, Du posted a 34-percent year-on-year rise in net profits amounting to 326.9 million dirhams (about USD 89 million).