Zain-Jordan secures $70m loan

04 Jun 2010

(MENAFN) Mobile operator Zain’s Jordanian arm announced that it has secured a $70 million loan from a local bank to finance expansion of its network with new technology, Reuters reported.

Zain-Jordan is a wholly owned unit by the Kuwait-listed mobile operator Zain. It is the largest mobile operator in Jordan, with nearly 2.5 million subscribers and a share of 42 percent in a market with almost 100 percent penetration.

CEO of Zain Jordan, Abdel Malek Jaber, said that the $70 million financing deal will reflect on the performance of the company and its future plans by applying the latest technology at very competitive prices.

It is worth mentioning that Zain had sought to expand into the lucrative Palestinian market, and has revived earlier this year initial discussions to gain majority control of Paltel, which is the largest mobile operator in the West Bank and Gaza, after cancelling the deal last year.

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