Kuwait's Zain seeks to repatriate $280 mln from Sudan

09:13 PM Feb, 24 2015
Sudanese Online
Reuters-
My Library at SudaneseOnline












KUWAIT (Reuters) - Kuwait and Sudan are in talks to help telecom operator Zain repatriate $280 million worth of Sudanese pounds, the company's chairman said on Tuesday.

Zain, which operates in about eight countries in the Middle East and Africa including Sudan and Iraq, has long faced difficulties changing revenue earned in Sudanese pounds into other currencies.

“There’s communication with the Sudan and Kuwait governments,” Zain chairman Asaad Ahmad Al-Banwan told the company’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 the amount sought for repatriation was $280 million held in Sudanese currency.

The company has also suffered due to the pound’s prolonged weakness sparked by South Sudan’s secession in 2011, which deprived Khartoum of three-quarters of its oil output and main source of foreign currency.

The pound is now trading at 5.95 to the dollar, versus 2.67 in mid-2012.

With hard currency tough to come by, Zain Sudan’s chief executive told Reuters last September that the company had been buying “local assets” to help offset rampant domestic inflation.

Zain Sudan, the country's No.1 mobile operator by subscribers, generated $669 million in revenue in 2014, 16 percent of parent Zain’s total revenue.

The unit’s net profit last year was $98 million, down from $103 million in 2013, although in local currency terms its profit rose slightly.



Topics related to the subject or the author


• China announces that it will continue to support South Sudan peace process 02-24-15, 04:04 PM, SudaneseOnline News
• Three die in militia attacks in South and North Darfur 02-24-15, 04:03 PM, Radio Dabanga
• Sudan and Kuwait negotiate help Zain repatriate $280 million worth of Sudanese pounds 02-24-15, 04:02 PM, SudaneseOnline News
• Darfur displaced invite US Deputy Secretary of State to visit their camps 02-24-15, 04:00 PM, Radio Dabanga
• Egypt never stopped communicating with Nile basin countries: Egyptian Ambassador to Sudan 02-24-15, 03:18 PM, SudaneseOnline News
• Egypt, Sudan, Ethiopia receive offers for Nile dam studies 02-23-15, 05:35 PM, Ahram Online
• Offers from firms to conduct technical studies on the Ethiopian dam 02-23-15, 05:32 PM, SudaneseOnline News
• Mass deportation starts at new dam sites in eastern Sudan 02-23-15, 05:32 PM, Radio Dabanga
• Boko Haram on agenda of IGAD Inter -Parliamentary Union in Khartoum 02-23-15, 05:29 PM, SudaneseOnline News
• Sudan activists to take action against Tabit mass rape 02-23-15, 05:29 PM, Radio Dabanga
• Talks between Khartoum and Washington on human rights and democracy 02-23-15, 04:22 PM, SudaneseOnline News
• Kuwait hands out payments to Sudanese orphans 02-21-15, 04:16 PM, SudaneseOnline News
• Darfur rebels kill soldiers in central Jebel Marra 02-21-15, 03:23 PM, Radio Dabanga
• Darfur authority stresses that improvement of U.S-Sudanese relations will bring peace 02-21-15, 03:22 PM, SudaneseOnline News
• Central Darfur's displaced without shelter after fire 02-21-15, 03:21 PM, Radio Dabanga
• Sudan’s president addresses the Speakers of Parliaments of IGAD 02-21-15, 03:19 PM, SudaneseOnline News
• UNAMID prepares for a safe exit from Sudan’s Darfur 02-20-15, 02:18 PM, SudaneseOnline News
• Sudanese hospital medics strike over non-payment 02-20-15, 02:16 PM, Radio Dabanga
• Sudan’s Vice President warns the young of extremism and terrorism 02-20-15, 02:08 PM, SudaneseOnline News
• Talks in Sudan on Unamid exit strategy 02-20-15, 02:06 PM, Radio Dabanga
• China stresses it will support Sudan in all international forums 02-20-15, 02:02 PM, SudaneseOnline News
• South Sudan Warns Media Not to Publish Rebel Interviews 02-17-15, 04:29 PM, Voice of America
• Sudan denounces beheading of 21 Egyptians by Islamic State in Libya 02-16-15, 04:01 PM, SudaneseOnline News
• Israel’s hard stance to get Sudanese asylum seekers to leave 02-14-15, 04:05 PM, Haaretz Daily Newspaper
• Sudan denies rumors that it closed its Embassy in Yemen 02-14-15, 04:02 PM, SudaneseOnline News
• Political delegation in Tabit scares residents 02-14-15, 03:16 PM, Radio Dabanga
• IGAD's Inter-Parliamentary Union convenes its meeting in Khartoum 02-14-15, 03:12 PM, SudaneseOnline News
• Sudan’s president to meet the opposition forces on February 21 02-11-15, 03:57 PM, SudaneseOnline News
• Two more militiamen die after army, militia clashes in Darfur’s East Jebel Marra 02-11-15, 03:56 PM, Radio Dabanga
• Sudan welcomes any U.S help to solve the Two Areas crisis 02-11-15, 03:53 PM, SudaneseOnline News
• Sudan and Kuwait sign a number of agreements to upgrade the level of relations 02-10-15, 04:54 PM, SudaneseOnline News
• Kuwaiti, Sudanese FMs mull bilateral relations 02-10-15, 04:52 PM, KUNA-Kuwait News Agency
• Launch of Sudanese electronic gateway project 02-09-15, 05:15 PM, SudaneseOnline News
• Sudanese-Kuwaiti Ministerial Committee meets tomorrow in Kuwait 02-08-15, 03:53 PM, SudaneseOnline News
• Sudan’s president supports the Arab Parliament efforts 02-06-15, 01:39 PM, SudaneseOnline News
• Sudanese displaced by Merowe Dam demand compensation 02-06-15, 01:29 PM, Radio Dabanga
• Sudanese official commends Kuwait's relentless support to Sudan 01-28-15, 04:12 PM, KUNA-Kuwait News Agency
• Sudanese-Kuwaiti Ministerial Committee meetings held in February 01-25-15, 03:24 PM, SudaneseOnline News
• Sudan hosts the joint ministerial committees with Arab Gulf countries 01-24-15, 05:51 PM, SudaneseOnline News
• Ministry has spent donor money: angry MPs in eastern Sudan 12-20-14, 03:27 PM, Radio Dabanga
• Sudan vows more facilities to target Kuwaiti investments 11-16-14, 02:44 PM, SudaneseOnline News
• Saudi Arabia provided financial support to Sudan: Sudan’s Investment Minister reveals 10-22-14, 04:53 PM, SudaneseOnline News
• Presentation by the Independent Expert on the Situation of Human Rights in Sudan 09-24-14, 04:52 PM, تقارير سودانيزاونلاين
• Sudanese FM receives message from Kuwaiti counterpart 09-07-14, 00:17 AM, KUNA-Kuwait News Agency
• 18 million EU grant for primary education in Sudan 08-27-14, 08:10 PM, Radio Dabanga
• Kenana holds general assembly meeting without Managing Director 07-17-14, 11:02 AM, SudaneseOnline News
• MPs express discontent over Sudan Airway decline 06-17-14, 05:52 PM, SudaneseOnline News
• 500 surgical operations to be undergone for children in Wad Medani for free 05-27-14, 09:00 AM, SudaneseOnline News
• Sudan eyes more Kuwaiti investments 04-23-14, 03:54 PM, KUNA-Kuwait News Agency
• Kuwait's Amb, Sudanese Vice Pres. discuss bilateral ties 04-22-14, 04:50 PM, KUNA-Kuwait News Agency
• Sudan requests information on 4 persons from facebook 04-15-14, 03:37 PM, SudaneseOnline News
• Egyptian Muslim Brotherhood leader visits Khartoum 04-05-14, 02:56 PM, The Middle East Monitor
• Sudanese, Djiboutian officials hail outcome of deliberations 03-20-14, 04:47 PM, KUNA-Kuwait News Agency
• Experts: Arab countries to consider as terrorist Muslim Brotherhood 03-12-14, 02:00 PM, SudaneseOnline News
• Sheikh Sabah Al-Khaled meets Sudanese FM 03-09-14, 06:53 PM, SudaneseOnline News
• Publication of Constitutional Proetction of Human Rights in Sudan 02-10-14, 05:37 PM, SudaneseOnline News
• Zain not interested in Sudanese telco Canartel 12-04-13, 01:52 PM, SudaneseOnline News
• Sudan appreciates the role played by Kuwait in all fields 09-24-13, 08:00 PM, SudaneseOnline News
• Sudan's First Vice President praises the depth of relations between th 09-03-13, 03:11 PM, SudaneseOnline News
• First Vice Presidents Lauds Sudanese - Kuwaiti Relations 09-02-13, 04:59 PM, SudaneseOnline News
• Kuwait''s amb. delivers HH Kuwait Amir''s invitation to Sudan''s press 09-02-13, 04:22 PM, SudaneseOnline News

Arabic Forum