Project Description
To finance the acquisition of assets for construction, launch and operation of a Geosynchronous Earth Orbiting (GEO) Satellite-based Mobile Telecommunication System, "Thuraya System". Thuraya will offer low-priced high-quality wireless telephone and data services throughout the countries covered by the foot print of its satellite. This includes 99 countries in Asia, Africa, Middle East and Europe with a total population of 2.3 billion.

Project Sponsors
Thuraya was established in 1997 as a private joint stock limited liability company under the UAE Company Law. ETISALAT of the UAE is the main sponsor of the project and a significant investor in the project. It intends to eventually maintain a minimum 26% interest in the equity of Thuraya. Through a memorandum of understanding and the appropriate agreements, Etisalat will provide a number of services to the Company, such as incorporating management services, primary gateway and infrastructure and maintenance and operation of the ground station.

Project Location
A Primary Gateway, situated in Sharjah, UAE, is responsible for Thuraya's entire network.

Project Cost
The total project cost is estimated at US$961.4 million.

ICD's Role and Developmental Impact
ICD participated in the Islamic tranche of the lease facility with an amount of US$10 million, representing 10% of the Islamic Syndication. The project is in a high priority sector for ICD. It is regional in nature and covers a great number of ICD member countries.