Zain plans to acquire five firms

The $4.5 billion generated from Kuwaiti investors will be used to acquire four to five companies in the Middle East and Africa, a top Zain official said yesterday.

Zain is committed to investing in Africa and the GCC and it is an example of how a company can bring together two continents, said Zain Africa chief executive officer Christopher Gabriel.

Zain operates in 22 countries, 15 in Africa and seven in the Middle East – bringing together two continents is what Zain is all about, he said.

“Zain has invested $12bn to date and has a growing customer base of 50 per cent per year and two-thirds of our customer base is in Africa,” he said.

“We have 25pc penetration in Africa and in Bahrain it’s 100pc, which shows it doesn’t stop at a 100pc and we are committed to continue investing.”

Mr Gabriel said according to a study by the London Business School a 10pc increase in its customer base corresponded to a 1.2pc increase in gross domestic product.

He said Zain’s ambition was to become the first Middle East and African company to go global and to become the first telecom operator to join the top 100 global brands.

Mr Gabriel was speaking at the opening of Strengthening the GCC-Africa Co-operation Forum, which is being held at the Ritz-Carlton Bahrain Hotel and Spa.

Source: Gulf Daily News