After failing to make money out of its African networks, Zain is looking at its backyard (the Middle East) for opportunities to grow. More precisely, the company said it will concentrate on growth in key existing markets such as Saudi Arabia, Iraq and Sudan; and will also look to enter other markets in the region such as Lebanon.
“The group is not only interested in the Lebanese market, it is also interested in any other opportunities to expand if it gives good returns and conforms with the group’s strategy for the new phase,” said the company’s new CEO Nabil bin Salama, reports Dow Jones Newswires.
No dates were given, as the company waits to see how their talks with Bharti Airtel will end. If you’ve not followed closely, the India’s telecom group is in the midst of negotiations to acquire Zain’s African networks, excluding Sudan and Morocco. Bharti’s bid is $10.7 billion, and of that amount Zain will net around $5 billion after paying certain liabilities.