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FINANCIAL NEWS
Etisalat not to bid again for Zain Saudi
11 May 2011
(MENAFN) UAE-based Etisalat’s chief international investments officer, Jamal al Jarwan, ruled out another bid in the future to be submitted to Zain to acquire its Saudi unit, reported Emirates 24/7.
Etisalat had submitted earlier this year an offer to buy Zain’s Saudi unit for USD12 billion, but the Kuwait-based telecom operator turned the offer down.
However, Al Jarwan said that the company would still consider buying assets that belong to Zain.
It is worth noting that Zain is the third biggest operator in the Gulf countries and also operates in other Middle Eastern markets such as Iraq, Lebanon and Jordan.
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