Company Insights Zain Group Telecoms Zain Group Overview Zain Group was founded in 1983 as Mobile Telecommunications Company (MTC) in Kuwait and then rebranded as Zain in 2007. As well as Kuwait, Zain operates in Saudi Arabia, Bahrain, Lebanon, Jordan, Iraq, Sudan and South Sudan and serves almost 48 million customers. Traded on the Kuwait Stock Exchange, Zain Group’s major stakeholders include Kuwait Investment Authority which owns more than 15 percent and Omantel, which owns more than 21 percent. In 2005 Zain Group expanded into Africa with the $3.4 billion acquisition of Celtel International. It later sold the majority of its African operations to Bharti Airtel in 2010, but currently still operates in Sudan, South Sudan and Morocco. Zain launched its Saudi Arabia subsidiary Zain KSA in 2008 and owns a 37% ownership stake. In 2023 profits at Zain KSA more than doubled to SAR1.3 billion ($347 million and revenues reached a record high of nearly SAR10 billion, fuelled by growth in business-to-business, 5G, digital products, wholesale and its Tamam fintech unit. In 2023, Zain strengthened its market position in a landmark deal with Qatar’s Ooredoo to establish the region’s largest tower company with an estimated value of $2.2 billion. Zain Group News Analysis Telecoms Analysts opt for small Gulf telcos despite profits at majors The Gulf’s major former telecom monopolies reported steady first-quarter profit growth and have proved a safe haven for equity investors during market volatility this year. However, it is their smaller domestic rivals that analysts prefer. Saudi Telecom Co (STC), the UAE’s e& (formerly and more commonly known as Etisalat), Qatar’s Ooredoo and Kuwait’s Zain are […] June 13, 2025 Analysis Finance The KIA maintains its low profile approach – for now Kuwait Investment Authority (KIA) is not only the oldest Gulf sovereign wealth fund, but also the most opaque. It publishes little information about its assets and usually invests abroad through asset managers rather than directly. Its low-profile approach contrasts with the likes of Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s Mubadala and the Qatar […] June 9, 2025 Telecoms Gulf companies compete for Syrian fibre optic project Syria’s government is in talks with regional telecoms companies Zain, Etisalat, STC and Ooredoo for a $300 million project to develop the country’s fibre optic communications network, two Syrian officials have said. The talks with the Gulf Arab companies are part of growing global investor interest in Syria’s economy following US President Donald Trump’s announcement […] June 5, 2025 Telecoms Zain revenue raises Omantel’s profits Omantel, Oman’s largest telecoms provider, reported a significant rise in net profits in the first quarter of 2025, thanks to strong performance by its Kuwaiti subsidiary Zain. Its net profit rose to OR65 million ($168 million) in the first three months of this year, up 60 percent over the same period in 2024. Omantel’s group […] May 15, 2025 Analysis Telecoms UAE-run Maroc Telecom ends dispute with rival operator Inwi UAE-controlled Maroc Telecom and Inwi, a domestic rival owned by Morocco’s royal family, have settled a long-running dispute and agreed to launch two joint ventures to expand and upgrade the kingdom’s telecom networks. The surprise détente is a significant breakthrough for Maroc Telecom, which has succeeded in reducing the compensation it owed Inwi and fixes […] April 1, 2025 Telecoms Profits fall as Omantel loses subscribers to rivals Profits have fallen at Oman Telecommunications Company after it lost market share to competitors. Omantel, Oman’s largest telecommunications provider, said net profit was down 3 percent last year to $795 million. Market share fell five percentage points in 2024 to 48 percent of a total of 7.1 million subscribers in the country, down from 53 […] March 12, 2025 Analysis Tax Doubt surrounds e&’s earnings as UAE tax rise looms There is uncertainty over whether e&, the UAE’s former telecom monopoly, will pay more of its profit in taxes after the federal government announced it would raise corporate tax for multinational companies operating in the country from 2025. Emirates Telecommunications Group, which rebranded as e& but is better known under its previous name Etisalat, is […] December 12, 2024 Telecoms First Saudi Arabia-to-Egypt subsea cable announced Mobily and Telecom Egypt have signed an agreement to lay the first subsea cable between Saudi Arabia and Egypt, the companies announced in a joint press statement on Monday. The new cable will connect the Red Sea resort of Sharm El Sheikh with the Saudi city of Duba. Egypt already has landing points for 18 […] November 5, 2024 Trade Oman-China trade value hits $15bn Bilateral trade between Oman and China increased by 8 percent year on year in the first five months of 2024, reaching more than $15 billion, according to local media. Officials said during an Omani-Chinese friendship forum in the southern city of Salalah that the major joint projects with China currently being implemented in Oman are […] August 9, 2024 Telecoms Ooredoo H1 profit rises on strong core market growth Ooredoo Group, the Qatari telecommunications company, said net earnings attributable to shareholders rose 4 percent year on year to QR1.9 billion ($512 million) in the first six months of 2024, driven by strong performance in its core markets. Revenue grew 3 percent annually to QR11.8 billion thanks to solid operational performances in Iraq, Algeria, Qatar, Tunisia […] August 1, 2024 Posts navigation 1 2 … 4 Next
Analysis Telecoms Analysts opt for small Gulf telcos despite profits at majors The Gulf’s major former telecom monopolies reported steady first-quarter profit growth and have proved a safe haven for equity investors during market volatility this year. However, it is their smaller domestic rivals that analysts prefer. Saudi Telecom Co (STC), the UAE’s e& (formerly and more commonly known as Etisalat), Qatar’s Ooredoo and Kuwait’s Zain are […] June 13, 2025
Analysis Finance The KIA maintains its low profile approach – for now Kuwait Investment Authority (KIA) is not only the oldest Gulf sovereign wealth fund, but also the most opaque. It publishes little information about its assets and usually invests abroad through asset managers rather than directly. Its low-profile approach contrasts with the likes of Saudi Arabia’s Public Investment Fund (PIF), Abu Dhabi’s Mubadala and the Qatar […] June 9, 2025
Telecoms Gulf companies compete for Syrian fibre optic project Syria’s government is in talks with regional telecoms companies Zain, Etisalat, STC and Ooredoo for a $300 million project to develop the country’s fibre optic communications network, two Syrian officials have said. The talks with the Gulf Arab companies are part of growing global investor interest in Syria’s economy following US President Donald Trump’s announcement […] June 5, 2025
Telecoms Zain revenue raises Omantel’s profits Omantel, Oman’s largest telecoms provider, reported a significant rise in net profits in the first quarter of 2025, thanks to strong performance by its Kuwaiti subsidiary Zain. Its net profit rose to OR65 million ($168 million) in the first three months of this year, up 60 percent over the same period in 2024. Omantel’s group […] May 15, 2025
Analysis Telecoms UAE-run Maroc Telecom ends dispute with rival operator Inwi UAE-controlled Maroc Telecom and Inwi, a domestic rival owned by Morocco’s royal family, have settled a long-running dispute and agreed to launch two joint ventures to expand and upgrade the kingdom’s telecom networks. The surprise détente is a significant breakthrough for Maroc Telecom, which has succeeded in reducing the compensation it owed Inwi and fixes […] April 1, 2025
Telecoms Profits fall as Omantel loses subscribers to rivals Profits have fallen at Oman Telecommunications Company after it lost market share to competitors. Omantel, Oman’s largest telecommunications provider, said net profit was down 3 percent last year to $795 million. Market share fell five percentage points in 2024 to 48 percent of a total of 7.1 million subscribers in the country, down from 53 […] March 12, 2025
Analysis Tax Doubt surrounds e&’s earnings as UAE tax rise looms There is uncertainty over whether e&, the UAE’s former telecom monopoly, will pay more of its profit in taxes after the federal government announced it would raise corporate tax for multinational companies operating in the country from 2025. Emirates Telecommunications Group, which rebranded as e& but is better known under its previous name Etisalat, is […] December 12, 2024
Telecoms First Saudi Arabia-to-Egypt subsea cable announced Mobily and Telecom Egypt have signed an agreement to lay the first subsea cable between Saudi Arabia and Egypt, the companies announced in a joint press statement on Monday. The new cable will connect the Red Sea resort of Sharm El Sheikh with the Saudi city of Duba. Egypt already has landing points for 18 […] November 5, 2024
Trade Oman-China trade value hits $15bn Bilateral trade between Oman and China increased by 8 percent year on year in the first five months of 2024, reaching more than $15 billion, according to local media. Officials said during an Omani-Chinese friendship forum in the southern city of Salalah that the major joint projects with China currently being implemented in Oman are […] August 9, 2024
Telecoms Ooredoo H1 profit rises on strong core market growth Ooredoo Group, the Qatari telecommunications company, said net earnings attributable to shareholders rose 4 percent year on year to QR1.9 billion ($512 million) in the first six months of 2024, driven by strong performance in its core markets. Revenue grew 3 percent annually to QR11.8 billion thanks to solid operational performances in Iraq, Algeria, Qatar, Tunisia […] August 1, 2024
