Zain Group, headquartered in Kuwait City, stands as a formidable entity in the telecommunications sector, delivering mobile voice and data services to a vast customer base exceeding 47.8 million across the Middle East and Africa as of June 30, 2024.
Established in 1983 as the Mobile Telecommunications Company (MTC), the organization rebranded to Zain in 2007, symbolizing its evolution and commitment to innovation in the telecom industry.
In the second quarter of 2024, Zain Group reported consolidated revenues of KD 479 million (approximately USD 1.6 billion), marking a 4% increase compared to the same period in 2023. The company’s normalized EBITDA for the quarter reached KD 178 million (USD 579 million), reflecting an EBITDA margin of 37%. Normalized net income experienced a significant rise of 55%, totaling KD 52 million (USD 170 million), which translates to earnings per share of 12 fils.
As of December 31, 2024, Zain’s market capitalization was approximately USD 7 billion, with a share price of 507 fils. The company’s robust financial health underscores its strategic initiatives and effective market penetration across its operational regions.
Zain’s operations span several key markets in the Middle East and Africa, each contributing to its expansive reach and service diversity. In Kuwait, as the flagship operation, Zain Kuwait was established in 1983 and became the first telecom operator to launch commercial GSM services in the region in 1994. The company has since introduced nationwide 4.5G LTE services and, in June 2019, launched 5G commercial services, covering over 90% of populated areas by the end of that year.
In Saudi Arabia, Zain commenced its commercial operations in Saudi Arabia on August 26, 2008, holding a 37% ownership stake. The company offers nationwide 4.5G LTE services and, in October 2019, launched 5G commercial services, marking one of the largest 5G rollouts globally at that time. While in Iraq, operating since December 2003, Zain Iraq secured a 15-year license in August 2007, becoming the largest mobile operator in the country with 15.7 million customers.
In Jordan, formerly known as Fastlink, Zain Jordan introduced mobile services in 1994 and was the first to join Zain Group’s Middle East portfolio in 2003. It now offers 4.5G LTE services across the kingdom, contributing to the nation’s digital infrastructure. In Sudan, Zain acquired 100% ownership of Mobitel, Sudan’s first mobile operator, in February 2006. The company offers 4G services in major cities across Sudan and maintains a leading position in South Sudan, playing a crucial role in the region’s telecommunications landscape.
Zain Bahrain commenced operations on August 14, 2003, and has since introduced 4.5G LTE services, achieving 100% population coverage in the kingdom. Then, in Lebanon, through a management contract, Zain operates one of Lebanon’s two GSM networks, rebranded as touch in June 2012, offering 4.5G LTE services and contributing to the country’s telecom sector. To penetrate Morocco market, in partnership with Al Ajial Investment Fund Holding, Zain holds a 31% stake in INWI (formerly Wana), expanding its presence in North Africa and diversifying its market portfolio.
Zain Group continuously enhancing its service offerings to meet evolving customer demands. The company’s early adoption of 5G technology, particularly in Kuwait and Saudi Arabia, positions it at the forefront of next-generation connectivity in the region. Additionally, Zain’s investment in digital services, mobile banking solutions like Zain Cash, and partnerships in fintech underscore its strategic focus on diversifying revenue streams and embracing digital transformation.