VOL. XLI

No. 26

29-June-1998

UAE

Al-Thuraya To Raise $500Mn Loan

UAE's Al-Thuraya Satellite Telecommunications Company announced on 21 June that it isto raise a $500mn loan to fund its project through a syndicated finance with leadingforeign and local banks. Mr Yusuf al-Sayyid, al-Thuraya's newly appointed Chief Executivesaid that "the response from banks for the debt finance proposal was overwhelming andwe are hopeful that the modalities such as appointing underwriters and fixing debtservicing...