Al-Kharafi: Zain KSA supports selective investments, financial efficiency

Saudi operator Zain KSA has a strategy based on consolidating governance, financial efficiency, improving service quality and selective investments which could make a big difference in IT industry, Zain vice chairman and group chief executive officer Bader Al-Kharafi said.

He added that this strategy supports the company’s operations through unique products which have contributed in achieving growth and added value to customers.

Al-Kharafi comments came after Zain KSA approving Public Investment Fund (PIF)-led consortium acquire of an 80% majority stake in its 8,069-tower infrastructure for SAR3 billion ($807 million).

“We are proud of cooperating with PIF, and hope to enhance this cooperation to a new level in the near future, so we can get our digital transformation in line with Saudi Vision 2030. The deal comes also after the company’s capital restructure and achieving strategic transformation plan of its operations.” He said.

Al-Kharafi added that “The strategic importance of the deal exceeds the value itself. The offer made by PIF, one of the largest sovereign funds in the world, reflects a trust of business, economic and investing society in our company”.

He assured that the deal came at a time Zain KSA was expanding operations through new selective investments based on vertical expansion of 5G tech services. This technology has become crucial to achieve economic growth and sustainability in IOT, AI, Cloud computing, Drones and Big Data.

The Telecommunication and Information Technology sector in KSA is considered one of the most important in Middle East. The deal with PIF-led consortium will help Zain to focus its spending on innovation and selective services for end users, reduce capital spending and achieve maximum network tower efficiency.