Company Lookup
عربي
Download Demo
 

Market News

This Month News

This Month News

send to a friend by email

Saad al Barrak resigns from Zain

2010-02-04

The National: The chief executive officer of Kuwait’s Zain telecom giant, Saad al Barrak, has resigned, the company said in a statement posted on the Kuwait Stock Exchange website.The statement said Mr Al Barrak has submitted his resignation to the board of directors, which will meet to consider it. No reason was given for the surprising resignation. Mr Al Barrak, who is also deputy chairman of Kuwait’s largest listed company, has been with Zain since 2002 and has been the main driving force behind the firm’s massive expansions and acquisitions. Over the past few years, Zain expanded rapidly by paying billions of dollars in huge acquisitions and is currently operating in 23 countries in Africa and the Middle East. The company customer base has risen from one million subscribers to about 72 million now.  The acquisitions started in 2005 with the purchase of the African assets of the Dutch Celtel for $3.5 billion (Dh12.85bn). Zain’s latest acquisitions have included winning a third licence in Saudi Arabia for $6.1bn and the purchase of assets in Morocco. As of today, its capitalization stands at about $13bn. It is one of three mobile operators in Kuwait, along with National Telecommunications Co (Wataniya) and Kuwait Telecommunications Co (VIVA). Qatar Telecom owns a majority stake in Wataniya while VIVA is run by the Saudi Telecom Co.

 


 

2017-06-22
Al-Quds Index at its highest level in three years

2017-06-21
Al-fiter holiday announcement

2017-06-19
Delisting the Arab Palestinian Shopping Center BRAVO from the PEX

2017-06-15
Al-Quds Index rebounds upwards in mid-June

2017-06-08
Al-Quds Index in the red zone in the second week of Ramadan

2017-06-01
New anticipations appear with the start of June

 

 

 
Sahem Trading & Investments Company - PEX Member and licensed by PCMA
© All Rights Reserved 2013