Saudi Mobily signs Murabaha deal for $1.3bln with Saudi National Bank

Saudi Arabia’s telecommunications operator Etihad Etisalat (Mobily) has signed a Murabaha financing deal with the Saudi National Bank (SNB) for 4.8 billion riyals ($1.3 billion) .

Mobily, an affiliate of the UAE’s Etisalat, will use SAR 3.685 billion to partly refinance existing debt obligation amounting to SAR 5.333 billion.

The rest will be used as working capital, Mobily said in a filing on Saudi Stock Exchange (Tadawul) on Thursday.

The seven-year agreement does not include any mortgages or financial guarantees. The telco did not disclose the terms of the financing deal.

Source: zawya