Page 25 - SAMENA Trends - February 2020

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

stc Kuwait Signs Long-Term Financing Facility with NBK Worth KD40 Million

Kuwait Telecommunications Company
– stc, has signed a ten-year financing
facility with the National Bank of Kuwait
(NBK). The KD40 mn facility aims to assist
stc in expanding its operational activities
and financing the Company’s capital
expenditures. The Executive Management
Teams from both entities attended the
signing ceremony, where the agreement
was concluded in the presence of Salah
Al-Fulaij, NBK – Kuwait Chief Executive
Officer, Ali Fardan, NBK – Bahrain General
Manager, as well as Maziad Alharbi, stc
– Kuwait Chief Executive Officer, and
Mohammed Al-Assaf, stc – Kuwait Chief
Financial Officer. On this occasion, Alharbi,
stc – Kuwait CEO, said, “Our strategic
partnership, which began over a decade
ago, shows the joint effort and mutual
trust shared between stc and NBK. I would
like to express my sincere appreciation to
NBK’s executive management and team for
their ongoing support and cooperation in
arranging and executing this transaction.” by providing outstanding banking services base. The Company focuses on growth
He added, “Coupled with the launch of our to local companies, relying on close in unconventional paths within the
new brand, this facility marks a new step relationships with our customers, provide fields of communication, entertainment,
and a pivotal role in implementing stc’s an exceptional level of customer service, information, digital services and data
sustainable business growth, operational offer specialized professional advice, transmission, providing customers
and expansion strategy. The financing while utilizing our Group’s regional and with the best experience around the
facility will be utilized for CAPEX and international network. We have utilized our clock. stc has succeeded in attracting
working capital requirements that will resources and expertise to build an array investments from the private sector,
assist the Company in reaching its long of diversified banking solutions, while driving the economy and repositioning
and short term goals.” Alharbi also said, investing in the latest digital banking the telecom sector as one of the most
“We will spare no effort towards enhancing technology to provide our corporate clients pivotal and active sectors contributing to
the efficiency of our business model, wide with an unrivaled experience in the banking the evolution of global technology. The
array of offerings and quality services sector.” NBK is the largest financial Company has dedicated its resources and
to cater to the needs of our customers institution in Kuwait with effective market strong network to provide the best wireless
and exceed their expectations, as well dominance in the commercial banking coverage in Kuwait, playing a key role in
as pursue our strive towards enabling arena. The bank has been consistently enhancing the nation’s infrastructure.
the digital transformation, benefiting our awarded with the highest credit ratings Since 2008, stc’s accomplishments have
shareholders and all stakeholders.” Salah of all banks in the region from Moody’s, transformed Kuwait’s telecom market
Al-Fulaij, NBK – Kuwait Chief Executive Standard & Poor’s, and Fitch Ratings. NBK through unrivalled wireless pricing
Officer, said, “NBK is the first choice for has a wide local and international network models and fee. In 2016, stc entered the
companies in the private sector when of branches across 4 continents, with its International Telecommunications Union
financing major deals and projects. This is international presence extending to cover (ITU), a specialized agency of the United
mainly due to the bank’s strong financial many of the world’s leading financial Nations that is responsible for issues that
profile and extensive experience in centers including New York, London, Paris, concern information and communication
seamlessly executing major short and long- Singapore and Shanghai. NBK also has technologies. In 2019, stc became the
term financing solutions, which ultimately a wide regional network covering Saudi first network to offer its customers the 5G
reflect the bank’s leading position in the Arabia, UAE, Bahrain, Iraq, Lebanon, Jordan service and enabled enterprises mobility.
local and regional banking sector.”Al-Fulaij and Turkey. Since then, stc invested in building the
said, “Signing this financing agreement Innovative solutions and major milestones most advanced network in the local
with stc is a testament to the strong stc strives to provide its customers, market, proudly owning the largest number
relationship that has developed over the whether consumers or companies, with of 5G covered sites in Kuwait.
years with NBK.” He added, “We continue innovative services and digital solutions
to solidify our leadership role in the market that enrich the lives of its customer
25 FEBRUARY 2020