Zain sees profits within three years

13 Feb 2008

The chairman of Saudi Arabia’s third national mobile licensee, Saudi Zain, says he hopes the firm to turn profitable within three years of its launch. Prince Hussam bin Saud bin Abdul aziz says the firm is aiming to unite Zain’s operations in Saudi Arabia with those in other Middle East markets, including Kuwait, Bahrain, Iraq and Jordan. ‘We will try to treat calls by customers on our networks in neighbouring countries as local calls. We will not charge them the costs of international calls,’ Hussam told GulfNews. Saudi Zain is due to begin operations later this year and will compete with the Kingdom’s two established cellular operators, STC and Mobily. The firm has this week opened an initial public offering which will see 30% of its shares up for grabs. The sale is expected to raise SAR7 billion (USD1.86 billion).

Saudi Arabia, Zain Saudi Arabia