Zain is a leading mobile telecommunications provider in the Middle East and North Africa. The company began in 1983 in Kuwait as Mobile Telecommunications Company (MTC), the region’s first mobile operator. Initiating its expansion strategy in 2003, it rapidly grew in both the Middle East and Africa through the acquisition of several mobile operators across the region.
In September 2007, MTC rebranded to Zain to better reflect its growing status as a leading multinational mobile service provider with global aspirations. Zain was adopted as the Group’s corporate master brand. In 2008, Zain became the 4th largest mobile operator in the world in terms of geographical presence, with operations in 15 African countries and 7 in the Middle East.
Zain continued its growth and development, and in March 2009, entered into a 50/50 partnership with Al Ajial Investment Fund Holding to acquire a 31% stake in Inwi, the third mobile telecom operator in Morocco.
By 2010, Zain had made the strategic decision to focus on its highly cash-generative Middle East and North Africa operations, investing in new growth opportunities in these markets. This decision led to the sale of 100% of Zain Africa BV (‘Zain Africa’) to Bharti Airtel Limited in June 2010 for a total consideration of USD 10.7 billion on an enterprise value basis.
The 15 countries that Bharti Airtel acquired from Zain in Africa were: Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Sierra Leone, Tanzania, Uganda, and Zambia.
Zain operates in Bahrain, Jordan, Kuwait, Iraq, Saudi Arabia, Sudan, and South Sudan; and in Lebanon as touch (under a management contract). Listed on the Kuwait Stock Exchange, there are no restrictions on Zain shares as the company’s capital is 100% free float and publicly traded.
