(With photos)
KUWAIT, Nov 25 (KUNA) -- Zain Group has invested over USD nine billion in mobile telecommunications in the African continent over the past two and a half years, it said in a press release on Sunday.
During the Commonwealth Business Forum held recently in the Ugandan capital, Kampala, Zain Group declared that this investment had reaped rewards as its subsidiary Celtel had witnessed "an impressive growth in customers from five million in mid-2005 to over 24 million now. This customer figure represents two-thirds of Zain's active customer base of 36.5 million."
The Commonwealth Business Forum, held November 20-22, was attended by a number of leaders and heads of state, Commonwealth ministers, CEOs of major corporations and other VIPs.
During the press conference and Gala luncheon held by Zain on the sidelines of the Commonwealth meeting, Zain CEO Dr Saad Al-Barrak said the Group was one of the largest and most successful investors in Africa, and reiterated the commitment of Zain Group to investing in the continent.
Al-Barrak praised African leaders for the economic and social progress of their nations in recent years, noting that Zain made history in April 2005 by its landmark USD 3.4 billion purchase of Celtel, the largest ever investment made by a Middle East company on the African continent.
Additionally he emphasized the pride that he and all Zain employees felt with the launch and now extension of One Network because this unique concept originated in Africa.
At the luncheon, Al-Barrak had launched the extension of "One Network." The event was attended by the presidents of Guyana, Mozambique, Rwanda and Sierra Leone, as well as other dignitaries.
One Network is the world's first borderless mobile phone network to 12 African countries. It now covers more than 400 million people, close to half of the continent's population and an area more than twice the size of Europe.
Al-Barrak and senior Zain executives held round table discussions with the four presidents and business people from leading international companies and organizations.
They discussed what needed to be done to attract foreign investment to Africa and Commonwealth nations. To this end, Al-Barrak made commitments that Zain "will play its part in the economic and social development of Africa through further investments in the telecommunications sector and, as a responsible corporate citizen, through funding social initiatives."
The Commonwealth Business Forum is held every two years in conjunction with the high level Commonwealth Heads of Government Meeting. Its aim is to promote practices and policies for the enhancement of global trade and investment providing new opportunities for business networking and partnerships.
Established in Kuwait in 1983, Zain (formerly MTC) is a leading emerging markets player in the field of mobile telecommunications. The company is now the fourth largest telecommunications company in the world in terms of geographic presence, with a footprint in 22 countries spread across the Middle East and the African continent.
