Monday, Oct 17, 2011
(This item was originally published on Sunday.)
DUBAI (Zawya Dow Jones)--Kuwait-based Mobile Telecommunications Co., better known as Zain, said Sunday it had named Omar Al Omar as the acting chief executive officer for its Kuwaiti operations, replacing Khalid Al Omar who last week was appointed CEO and managing director of Zain's Saudi unit.
Omar Al Omar previously was the chief operating officer of Zain Kuwait, a company spokesman told Zawya Dow Jones via telephone.
Zain Saudi Arabia Tuesday appointed Khalid Al Omar as CEO, following the resignation of Saad Al Barrak who's departure came after the failure of a joint bid for 25% of the Saudi mobile operator by Kingdom Holding and Bahrain's Batelco. The deal, estimated to be worth as much as $1.2 billion, failed due to disagreements with Zain Saudi Arabia's lenders, according to the firm's chairman Prince Hussam bin Saud.
"The appointment of Badr Al Kharafi as new board member and Khalid Al Omar as new CEO of Zain Saudi indicate that Zain Group could play a greater role in its Saudi affiliate going forward. Indeed, Badr Al Kharafi is a board member of Zain Group and the Kharafi family is one of the largest shareholders in the Kuwaiti operator--if not the largest," said one analyst, who declined to be named.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
17-10-11 0350GMT
