28 September 2010
JEDDAH: Prince Hussam bin Saud, chairman of Zain Saudi Arabia, the Kingdom's third mobile phone operator, said some persons with vested interests have been spreading rumors that his company had gone bankrupt.

He said the though the company had suffered losses, it would not affect its future progress. Zain already has seven million clients within two years, much more than its target of five million.

Prince Hussam, who is also chairman of Saudi Plastic Factory, said the measures taken by the Communications and Information Technology Commission had affected Zain's business.

Zain launched its services in the Kingdom in August 2008. Its network currently covers 93 percent of Saudi Arabia including 43 cities and 67 highways. It has invested more than $1.3 billion.

© Arab News 2010