based mobile phone retailer Itsalat International (I2) have made their debuts in

the syndicated loan market, both signing deals in the UAE on

14 November.

ICT closed a AED 1,500 million ($408.7 million), three- year revolving facility, provided by Abu Dhabi Commercial Bank, National Bank of Abu Dhabi and National Bank of Dubai. The funds raised will be used for national and international expansion, with several major investment opportunities already identified, according to chief executive officer Hamad al-Shamsi.

I2 signed a AED 219 million ($59.7 million), one-year loan. Mashreqbank was the sole mandated lead arranger (MLA) while joining at lead arranger level were Ahli United Bank, Arab Bank, Arab Banking Corporation, First Gulf Bank and Qatar National Bank. The company will use the borrowing to expand its business as authorised distributor in the Middle East and North Africa for Finland's Nokia.