FINANCIAL NEWS

Kuwait’s Zain to retrieve USD280m from Sudan

25 Feb 2015

(MENAFN) Telecom operator Zain, with help from Kuwait and Sudan, is set to repatriate USD280 million worth of Sudanese pounds, Arabian Business reported.

The countries leading mobile operator by subscribers, Zain Sudan, made USD669 million revenue in 2014, amounting to 16 percent of parent Zain’s total revenue.

The unit’s net profit hit USD98 million in 2014, down from USD103 million in 2013, although in Sudanese currency terms its profit was marked by a slight increase.

Zain suffered from a prolonged pound weakness which sparked back through 2011 South Sudan’s secession. The secession cost Khartoum three quarters of its oil output and main source of foreign currency.

‘The goal of this communication is to see how we can release this money. We’re trying during this year (to get the funds released),’ the chairman of Zain said in a statement.

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