Thuraya secures multi-million dollar long-term financing

June 20, 2013

Thuraya Telecommunications Company, has secured a term financing facility through Dubai Islamic Bank (DIB). Thuraya will use the proceeds to upgrade its network infrastructure and to support further development and expansion of its product portfolio, including the highly successful Thuraya SatSleeve satellite adaptor for smartphones.

"We are pleased to have secured this financing and entering into a long-term,
relationship with DIB,” said Samer Halawi, Chief Executive Officer of Thuraya. “This
will help us strengthen our position as a leading MSS operator and provide the
Company with additional financial flexibility to develop our next generation gateway
and upgrade our network capacity. It also provides us with the breadth that supports
our sustainable growth strategy as well as new business opportunities in key and
emerging markets.”

Dr Adnan Chilwan, Deputy Chief Executive Officer of DIB, said: “The renewed
growth in the UAE economy and a positive outlook in the region, have prompted
large corporations to once again invest in their infrastructure in order to capitalize
on the new market opportunities. DIB is perfectly positioned to play its traditional
role of supporting the growth and development of businesses in the UAE. Our
strength and expertise enables us to structure complex financing deals tailored to
the specific needs of our customers. This makes DIB the preferred partner for
fuelling the growth of progressive companies like Thuraya.”

Naveed Ali, Chief of Corporate Banking, DIB, said: “We are excited to work with
Thuraya as they embark on the next stage of their transformation. Like DIB, Thuraya
is a company built on innovation, and together we have developed a financing
facility that will support the implementation of the company’s ambitious product
roadmap.”