Zain Group executives emphasised resilience and careful planning would be key to maintaining growth registered over the opening nine months, noting its markets faced the same socioeconomic challenges affecting many major operators.

Vice chair and group CEO Bader Al-Kharafi (pictured) noted in an earnings statement Zain would continue looking for fresh opportunities despite financial headwinds, citing network upgrades, digital transformation programmes and new business verticals among other prospects.

The executive noted the global economy faced “socioeconomic challenges on multiple fronts”, with Zain management planning to focus on cashflow and further passive infrastructure sales as part of its strategy to tackle the current market conditions.

Al-Kharafi stated Zain is close to completing a sale of passive infrastructure in Saudi Arabia with Iraq next on its list, adding to transactions already completed in home market Kuwait and Jordan.

It is also preparing to launch 5G services in Jordan in H2 2023.

Net income increased 10 per cent year-on-year during Q3 to KWD54 million ($174.6 million), on revenue of KWD441 million, up 15 per cent.

In the opening nine months, net income grew 12 per cent to KWD152 million, with revenue up by the same percentage to KWD1.3 billion.