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Du to pump Dhs1.7bn in new projects this year

The CEO of Emirates Integrated Telecommunications Company (Du) has announced that the company will spend Dhs1.7bn on new mobile and fixed line network projects in 2011 after paying back debt to banks, Emirates24/7 has reported. Othman Sultan has said that the UAE's second largest telecom operator will not seek new loans during the current year after it completed the payment of a Dh3bn loan in June. He has added that the company had received fresh liquidity from its profits and Dh1 billion from shareholders in return for shares.