Saudi operator Mobily has signed a SAR 10 billion (US$2.67 billion) refinancing agreement with seven Saudi banks to refinance three existing loans, the first of which was negotiated in 2007. The refinancing agreement has been agreed on better terms than the previous loans, according to the company. Mobily chairman Eng Abdulaziz Alsaghyir said the refinancing will allow the company to grow revenues and provide better services.