Project Zain KSA wins Middle East Telecom Deal of the Year accolade

Zain Group announced that Zain KSA has been singled out as the recipient of the Middle East Telecoms’ Deal of the Year 2013 accolade for having closed two facilities, namely a SR8.63 billion ($2.3 billion) murabaha facility and a SR2.25 billion ($600 million) facility.
The group stated in a press release that the reputable UK-based ProjectFinance magazine awarded the prestigious accolade to Zain KSA at a ceremony held recently in Dubai. In July 2013, Zain KSA was able to successfully refinance the murabaha facility arrangement worth SR2.3 billion and received a SR2.25 billion ($600 million) facility to be used in financing operations.
Scott Gegenheimer, Zain Group CEO, said, “Zain Group remains totally committed to supporting its operation in Saudi Arabia, and we are proud to see the company recognized for its prudent financial arrangements.”
Zain KSA CEO Hassan Kabbani stated: “2013 was a significant year for Zain KSA as we were able to conclude a number of significant financial transactions that helped free up cashflow, improve our financial situation, and position us strongly to contend with the future development of our 4G LTE network and the rollout of customer enhancing services in the years to come.”
Kabbani explained that Zain KSA’s cashflow position was also enhanced in 2013 by the Ministry of Finance (MOF) sanction of a seven-year deferment of annual dues and other obligations, allowing for the postponement of payments totaling $1.5 billion to the MOF until 2021.
Zain KSA had partially repaid the prior facility of an amount of $100 million, utilizing a portion of its internal cash resources. The company’s financial progress is in line with the overall positive momentum being enjoyed at Zain KSA, which has resulted in the heightening of its performance as it follows a strategy of operational excellence, better customer experience and greater brand alignment.