STC Bahrain, a world-class digital enabler, announced the signing of a USD 120 million 6-year Murabaha financing facility agreement with the National Bank of Kuwait – Bahrain (NBK). The deal is integral to stc Bahrain’s ongoing strategy to develop and enhance its existing infrastructure in Bahrain, positioning Bahrain as a global telecommunication and ICT leader and paving the way for innovation, and further digital transformation across the kingdom.
The agreement with the National Bank of Kuwait reflects the stc’s financial standing and forward-looking financial endeavor. confidence and trust in stc credit rating, as it is one of a series of deals that stc Bahrain conducted with other banks to maintain the company’s leading position and ongoing approach to continuously introduce innovative solutions and the latest technologies to the Kingdom.
On this occasion, Eng. Nezar Banabeela, CEO of stc Bahrain, said: “The agreement with NBK Bahrain is in line with stc Bahrain’s strategic vision of growth and continuous investment in the digital infrastructure of the Kingdom of Bahrain, this will enable us to enhance our customers’ lives by empowering them with the latest digital technologies, and empowering the next wave of connectivity within the Kingdom.”
He further added: “The signing of the Murabaha agreement with NBK brings us a step closer to realizing our vision. We have received a high level of interest from global financial institutions and the concluded deal is fully in line with Sharia principles, available in US dollars at competitive prices.”
For his part, Mr. Ali Fardan, General Manager of the National Bank of Kuwait – Bahrain, commented: “It is our pleasure to cooperate with a reputable telecom company such as stc Bahrain, in order to support the company’s efforts to enhance its leading role in raising the level of communication services to its customers in Bahrain and to maintain its essential role in Developing the telecommunications sector in Bahrain”.
Mr. Fardan added, “The financing deal is a new confirmation of the depth of the long-standing and close relations between the National Bank of Kuwait Group and stc.”
The deal comes as part of stc Bahrain’s continuous investment in the kingdom’s economy to enable Global impact strategic project enabling the company to serve the Kingdom with the latest 5G network technologies and developing IoT service applications, including asset tracking, fleet management, and other cloud-based services.