Zain Group Bullish on Iraq

By John Lee.

The head of Kuwait-based telecommunications company Zain Group has described Iraq as a "promising country" where he expects further growth.

In an interview with Arabic TV business channel CNBC Arabiya, CEO Scott Gegenheimer (pictured) said:

"Zain Iraq is a critical part of the Group representing 40% of our revenues and 31% of our customer base, it's a promising country where we expect to grow further as we expand our network to the northern regions and expect to attain a 3G license there soon.

"We have invested over US$4.5 billion to date in the country and we expect the IPO proceeds to exceed US$1 billion."

He added that the network has been upgraded with a Single-Ran and is ready to offer 3G services once it receives the necessary license and spectrum to offer such.

(Source: 4-traders)