JEDDAH: Mobily, the Saudi Arabian telecom operator run by Etihad Etisalat, has received a $320 million Islamic loan. Samba Financial Group, National Commercial Bank, Riyad Bank, Saudi British Bank and Banque Saudi Fransi are the five banks arranging the loan. The 12-month loan is extendable up to six months. The proceeds are expected to be used by Mobily to fund the expansion of its phone networks and broadband internet infrastructure in Saudi Arabia. Mobily is planning to invest about $533 million in 2011 developing its broadband internet services infrastructure. The company has already awarded contracts worth $213 million to Ericsson, Huwawei and Nokia Siemens Networks. Mobily has also signed an agreement in Turkey, to develop a regional cable network, linking the UAE with Turkey, passing through Saudi Arabia, Syria and Jordan Dec. 16. Earlier, Emirates Telecommunications Corp. of UAE and Etihad Etisalat Co. of Saudi Arabia agreed with other five Middle Eastern telecoms operators to build a fiber optic cable line from the UAE to Turkey. The Regional Cable Network will be operational in the second
