World VoIP NewsZain Jordan gets USD70m loanZain Jordan gets USD70m loan

Zain Jordan gets USD70m loan


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Zain Jordan has secured a USD70 million loan from Jordan-Kuwait Bank to finance expansion of its network the firm said yesterday. Wholly owned by the Kuwaiti Zain Group, Zain Jordan is the largest mobile operator in the kingdom with around three million subscribers and a share of 44.5% at the end of March 2010.
Kuwait-listed mobile operator Zain's Jordanian arm secured a $70 million loan from Jordan-Kuwait Bank to finance expansion of its network with new technology, the firm said yesterday.

Wholly owned unit Zain-Jordan is the largest mobile operator in the kingdom, with around 2.5m subscribers and a share of 42 per cent in a market with almost 100pc penetration, gulf-daily-news.com reported.

"This deal will reflect on the company's performance and plans by applying the latest technology at very competitive prices," chief executive officer Abdel Malek Jaber said.

Its main competitor, with nearly 2m subscribers or 30pc plus of the market, is Jordan Telecom Group, in which France Telecom owns a 51pc stake.

Zain Jordan is seeking to expand into the Palestinian market through deals that bring Palestine Telecommunication Company's 1.5m subscribers into its borderless mobile phone platform.


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