Kuwait's Zain eyes new project investments
Telecoms group says it will bring in new services, reinvent offerings across MENA markets
Zain Group, the Kuwait-based telecommunications company, has announced plans to implement a number of project investments across the Middle East and North Africa.
The company, which operates seven mobile networks in the region, said the projects will focus on "introducing new communication services while also reinventing current offerings".
Hisham Akbar, Zain Group's chief commercial officer, made the comments after meetings held between the company and international investors and banks.
He said: "Zain Group is currently focusing on maximising the opportunities in its core markets and reinforcing its competitive edge in order to maintain growth in its financial indicators.
"The Group has many incentives that will help us achieve the targeted growth rates. Thus, our current priority is to increase the focus on developing our operations with a view to achieving the operational performance that meets our ambitions for this stage in our development."
Osama Matta, Zain Group's chief financial officer, added: "The financial solvency of the Group allows for the implementation of our planned investments and the achievement of our strategic priorities and goals as a result."
Last month, Kuwait's Zain reported a 2% rise in quarterly profit, in line with analysts' estimates, and the telecoms operator said it had won over new customers and improved its operations in Iraq.
Zain made a first-quarter net profit of KWD70.9m ($255m) in the three months to 31st March, up from KWD69.9m in the same period a year ago.
Zain has mobile licences in Kuwait, Saudi Arabia, Bahrain, Lebanon, Sudan, Iraq and Jordan.
The Zain group restructured a $433m syndicated short term loan into a syndicated revolving long term loan during the quarter. Its Sudanese unit also repaid a euro 220m loan, eliminating the group's largest exposure to the ailing common currency.