Board of Dubai's Du to consider availing financing

The board of the telecoms company is to consider options

  
A man walks past a Du telecommunications advertisement in Deira in Dubai.

A man walks past a Du telecommunications advertisement in Deira in Dubai.

REUTERS/Jumana El-Heloueh

The board of Dubai’s Du is to consider options for availing financing for the company at its meeting next week, the company said in a statement to Dubai Financial Market (DFM).

No further details were provided, but the company’s Q1 2021 financial results will also be discussed at the meeting, which will be held on Monday. 

Emirates Integrated Telecommunications PJSC (EITC), the holding company for the telecoms provider, saw its profits fall from AED 1.73 billion ($471 million) in 2019 to AED 1.44 billion in 2020, according to its consolidated financial statement for the year ending December 31 2020, posted to DFM. 

In February, EITC also announced that it would be increasing its foreign ownership limit to 49 percent. At the end of 2020, the company revealed it would officially launch of two new data centres, in Silicon Oasis, Dubai, and Khalifa Industrial Zone, Abu Dhabi, for Q1 2021.

(Writing by Imogen Lillywhite; Editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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© ZAWYA 2021

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