Zain seeking to repatriate USD280m from Sudan

25 Feb 2015

The governments of Sudan and Kuwait are in talks to help telecoms company Zain Group repatriate funds from its Sudanese mobile unit, Reuters quotes Zain chairman Asaad Ahmad Al-Banwan as saying at the firm’s annual shareholder meeting in Kuwait. ‘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],’ he said, adding that the amount sought for repatriation was USD280 million held in Sudanese pounds. TeleGeography’s GlobalComms Database notes that Sudan’s telecoms operators face a number of significant challenges in the market, including a shortage of foreign currency, a significant drop in the value of the Sudanese pound and soaring inflation. Sudan lost around three-quarters of its oil output when the South seceded in July 2011, ending its main source of state revenue and foreign currency. Zain Sudan is the country’s leading mobile operator by subscribers, with a customer base of 11.372 million at the end of December 2014, down from 11.702 million a year earlier.

Sudan,Zain Sudan, Zain Group,

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