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It reiterated that pilgrims require a Haj visa and it can be obtained through recognised official channels
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Etisalat seeks $800m loan to finance network in Egypt
DUBAI — Emirates Telecommunications Corporation (Etisalat), the second-biggest Arab telecom firm by market value, is seeking an $800 million loan to finance the mobile phone network of its Egyptian unit, THE Middle East Economic Digest said.
Calyon bank is arranging the loan for Etisalat Egypt, which will include two tranches of $544 million and $300 million, MEED reported in its Friday edition, citing a senior banker.
Local, regional and global banks would take part in the syndication early next year, MEED said.
Etisalat led a group that won Egypt's third mobile phone licence last year, paying $2.9 billion.
Etisalat Chairman Mohammed Hassan Omran said in February it planned to borrow $1.75 billion for the Egyptian operations, which achieved 1 million subscribers in the first seven weeks of operation beginning in May.
In 2006, Etisalat raised its first syndicated loan amounting to $3 billion to fund expansion. Barclays Plc, Citigroup Inc, Deutsche Bank AG and HSBC Plc were among the arrangers.
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