i2 and Mashreqbank sign credit facility

The agreement was signed by Mr. Abdul Aziz Al Ghurair, Chief Executive Officer, Mashreqbank and Abdul Hameed Al Sunaid, president and CEO, i2. The facility was taken by the leading mobile provider in the region to finance their aggressive expansion efforts as the authorized distributor for Nokia in the Middle East and Africa.

With i2 assuming a leading role in Nokia's new strategy for 2007, the company aims to drive sales of Nokia products throughout the Middle East and Africa. Therefore, i2 approached the syndicated loan market and has received positive feedback from participating banks.

The syndication lead by Mashreqbank was over-subscribed with Ahli United Bank, Bahrain, Arab Bank plc, Bahrain, Arab Banking Corporation Bahrain, First Gulf Bank and Qatar National Bank joining as lead arrangers in the transaction. "We are pleased with the support we received from Mashreqbank and partnering banks in our efforts to support Nokia by increasing the sale out of their products in the Middle East and Africa" stated Abdul Hameed Al Sunaid, president and CEO, i2.

"i2 is a key partner for Mashreqbank and we have supported i2 Group's foray into the MENA region over the last years. We believe that the promoters have successfully managed the ramp-up of their business outside their home market and I am happy to see an active recognition of their growth story by banks across the region,"

stated Abdul Aziz Al Ghurair, Chief Executive Officer, Mashreqbank.

2006 has seen i2 making serious headway in its strategic expansion efforts into new markets and recent acquisitions. In just the second half of the year, i2 launched its operations in Sudan, Morocco, and the Ivory Coast and acquired Cellempower and Allied TC. "The support we have received from the region's leading banks assures me of the confidence they have in the brand, the company and the people that stand behind it. It is an honorable recognition of our hard work and a token of faith in our vision for the future of i2" concluded Sunaid.