Zain eyes more acquisitions in Africa

Zain will seek to expand in Africa and the Middle East by making four to five acquisitions worth up to US$4 billion before 2010, announced Zain CEO Saad Al Barrak on Wednesday.

"We are focusing now on our priority in the Middle East and Africa, where we want to become the absolute number one," he said.

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Zain will seek to expand in Africa and the Middle East by making four to five acquisitions worth up to US$4 billion before 2010, announced Zain CEO Saad Al Barrak on Wednesday.

"We are focusing now on our priority in the Middle East and Africa, where we want to become the absolute number one," he said.

With operations in 22 countries already, Zain is eyeing opportunities in six more African countries -- Cote D'Ivoire, Mali, Mozambique, Rwanda, South Africa and Zimbabwe -- and Yemen and Syria in the Middle East.

Despite admitting that telecom companies are feeling the effects of the global financial crisis, Al Barrak said Zain will either buy majority stakes in acquisition targets or acquire licenses.

Al Barrak also disclosed that Zain plans to spend $2.5 billion in 2009, down from $3 billion this year, on general capital expenditures such as network upgrades and investments.

The IDG News Service is a Network World affiliate.