TELECOMS

Zain plans new acquisitions

August 2010

KUWAIT’S MOBILE Telecommunications Company, Zain, plans to spend up to $5 billion on new acquisitions by 2011, its chief executive said. Zain wants to expand in Asia, Africa and the Middle East and is currently in talks to move into the Syrian market, Saad al Barrak told London-based Asharq Alawsat newspaper. “We have earmarked $5 billion for new acquisitions,” he said.

Zain said last year it was interested in buying a controlling stake in Syria’s largest mobile phone provider, Syriatel Mobile Telecom.

“For Syria there are ongoing negotiations ... and we will have a presence [there] in the near future,” Barrak said.

The company, which operates in 24 countries, has been spending billions of dollars to expand abroad as competition heats up at home where Viva, an affiliate of Saudi Telecom, has recently started operations.

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