Orange Mobile Obtains JD 30 Million Financing from Arab Bank to Pay Frequency Fees
Petra Jordanian Mobile Telecommunications Company – Orange Mobile signed an agreement on April 30th, 2024, with Arab Bank to get a JD 30 million financing to be repaid over the period of 3 years.
The agreement was signed by the Chairman of the Board of Directors of Jordan Telecom Company – Orange Jordan Dr. Shabib Ammari, the CEO of Orange Jordan, Philippe Mansour, and Arab Bank - Jordan Country Head, Walid Samhouri, in the presence of a number of executives from both sides.
On the sidelines of the agreement signing, Mansour emphasized the importance of this step in enabling Orange to execute its expansion strategy, saying: “This financing will help Orange grow and elevate its services in Jordan.”
Investment in infrastructure is essential to enhance the digital services provided to the customers, and here comes the importance of this agreement in supporting efforts in this arena.
Aligning with this, Orange Jordan’s Deputy Chief Executive Officer, Chief Financial and Strategy Officer, Raslan Deiranieh, underscored the pivotal role of the agreement in upgrading the services provided to 4 million customers in line with international standards and extraordinary speeds to cope with global developments.
Deiranieh further added that “the agreement will reflect positively on Orange's operational performance and increase its revenues while providing reliable services to its subscribers through an integrated expansion plan.”
From his side, Al-Samhouri stated: "Arab Bank is one of the leading financial institutions that provides advanced corporate financing solutions in the region. This agreement comes as part of the bank’s constant efforts to offer tailored financing support to its corporate customers in line with their evolving needs and expectations."
Al-Samhouri highlighted that through this agreement, Arab Bank will play an essential role in supporting the telecommunications sector, given the significant growth it has witnessed in recent years. The bank will provide the necessary financing to revamp the sector’s digital infrastructure according to the highest international standards, considering its importance as a key driver of the service sector and the national economy.
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