Omani-Qatari Telecommunications Company signs banking facilities agreement
The Omani-Qatari Telecommunications Company (Al Nawras) has signed a banking facilities agreement worth RO 220 million to finance the commissioning of its operations in the Sultanate. The agreement was signed with the International Gulf Bank, Qatari National Bank (QNB) and the Arab Bank.
Sheikh Saif bin Hashil al Maskari, Al Nawras Board Chairman, who signed the pact on behalf of the company, said in a statement that Muscat Bank will be facilities underwritten the guarantor and QNB the facilities agent. According to ONA, he said the agreement was part of Al Nawras’ plans and the company will commence its operations as the second mobile telephone operator in the Sultanate on March 16th.
He said the size of operation financing indicated the Al Nawras’ commitment before the Omani market and other parties. According to him, the financing is proof the company has honoured its promises to provide a fast network expansion in the Sultanate and that the agreement will allow offering valuable and user-friendly mobile telephone services.
The Al Nawras Company obtained a license to establish the second mobile telephone operator in the Sultanate in June 2004.
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- Nawras successfully refinances the existing loan facility