Mobile operator Zain Saudi announced the resignation of CEO and MD Saad al-Barrak today.
According to the company, current board member Khalid Al-Omar, currently CEO of Zain Kuwait, has been appointed CEO and MD of Zain Saudi. In addition, Badr Nasser…
Mobile operator Zain Saudi announced the resignation of CEO and MD Saad al-Barrak today.
According to the company, current board member Khalid Al-Omar, currently CEO of Zain Kuwait, has been appointed CEO and MD of Zain Saudi. In addition, Badr Nasser Al-Kharafi has joined the company’s board in a move that will be formally ratified at its next General Assembly.
It is understood that Omar could be looking to step down as CEO of Zain Kuwait shortly.
As a former CEO of Zain Group, Barrak is credited for being the driving force behind the telco’s rapid growth over the past decade.
However, recently Zain has appeared to be scaling back its expansion after selling its African unit last year to Indian telco Bharti Airtel for US$9bn.
In September 2011, Bahraini incumbent Batelco and investment firm Kingdom Holding called off their joint US$950m offer for 25% of Zain Saudi. Their decision reportedly came after Zain’s lenders refused to transfer debt guarantees to them.
Back in March this year, UAE-based telco Etisalat scrapped a near-$US12bn plan to buy 46% of Zain Group, after conducting due diligence. This deal would have forced Zain to sell its stake in Zain Saudi because of Etisalat’s existing presence in the region.