By Ahmed Awad
Kuwait – Mubasher: Kuwait’s telecom firm Zain has invested in Sudan’s real estate sector to offset the losses incurred from volatility in currency exchange rate, said Chairman Asaad Al-Banwan.
Speaking before the company’s ordinary general meeting held today, the top official added that Zain has injected $140 million worth of investments in the real estate market to create a balance against the depreciation in currency there.
Zain, which operates in eight markets, says the volatility in exchange rates led to around $218 million losses at the level of the group’s revenues and nearly $30 million at the level of profits.
The chairman indicated that Zain is facing difficulties in Iraq due to tensions, which led to a decline in revenues to $120 million from $320 million.
Al-Banwan also revealed that his company is considering an exit from its operations in Morocco in the coming period.
Zain shareholders approved today the distribution of cash dividends for 2015 at 30% of capital, or 30 fils per share.
Translated by Sayed Abdel Rahman
