Kuwait's Zain Group to invest $1.5 billion in Syrian mobile network after acquiring MTN stake
By
Mohammed Sergie
Summary
Kuwaiti telecom Zain Group plans to invest over $1.5 billion in the next decade to acquire a 75% stake in Syria's MTN mobile network and modernize its infrastructure. The deal, which includes $800 million for upgrades to one of the world's worst-performing networks, reflects growing Gulf investment in Syria's reconstruction following the fall of the Assad regime.
Source
bskyKuwait's Zain Group to invest $1.5 billion in Syrian mobile network after acquiring MTN stakesemafor.comKey quotes
· 4 pulledKuwaiti telecom Zain Group plans to invest more than $1.5 billion over the next decade to upgrade and operate a mobile network in Syria
The company will acquire a 75% stake in the existing MTN network, with the Syrian government holding the remaining 25%
Zain said it will spend $800 million to modernize a service that ranks among the world's worst in terms of speed and reliability
The deal adds to growing Gulf spending in Syria, as governments and companies jockey for a role in the country's reconstruction
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