The money will be used to finance the expansion of the company’s fixed-line and mobile network.

In the first six months of the year Du has invested AED888m in developing its infrastructure.

Lead arrangers and bookrunners on the deal were Mashreqbank and WestLB, with Arab Bank, First Gulf Bank, National Bank of Abu Dhabi, Royal Bank of Scotland, Abu Dhabi Commercial Bank, Export Development Canada and Samba among the banks financing the deal.

Syndication on the deal launched last month.

Du recently reported net losses of AED43.8m for the three months to 30 June, ahead of analysts’ expectations of deeper losses.