[Satellite TODAY 06-20-13] Thuraya Telecommunications has secured a long-term financing facility through Dubai Islamic Bank (DIB). Thuraya said it will use the proceeds to upgrade its network infrastructure and to support further development and expansion of its product portfolio, including a SatSleeve satellite adaptor for smartphones.

 

     “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,” Samer Halawi, CEO of Thuraya, said in a written statement.

 

      Adnan Chilwan, deputy chief executive officer of DIB said in a written statement that the deal “makes DIB the preferred partner for fuelling the growth of progressive companies like Thuraya.”