Dr Saad Al Barrak takes on additional role as CEO of Zain SA

Zain’s operation in the Kingdom of Saudi Arabia (KSA) announces that, effective April 1, 2009, the Zain Group’s CEO and Managing Director of Zain KSA, Dr Saad Al Barrak will take on the additional role of CEO of Zain in KSA. The announcement follows the resignation of the current CEO, Dr Marwan Alahmadi, who will step down on March 31, 2009, but who will remain as a member of the Board of Directors, maintaining and playing a key strategic role in the future of the operation.
 
The move is part of a pre-agreed course of action whereby Dr Alahmadi, who had previously been CEO of Zain in Bahrain and Chief Strategy Officer of Zain Group, had been tasked with acquiring the Kingdom’s third mobile operator license, establishing a corporate infrastructure, listing the company on the Saudi Stock Exchange (Tadawul), and implementing the necessary marketing and organizational mechanisms to launch commercial services in the Saudi market. All have now been successfully accomplished.
 
Since its launch in August 26, 2008, and under Dr Alahmadi’s leadership, Zain in KSA has, in a short time, reached many remarkable milestones. The company’s financial results for the period ending 31 December 2008, exceed expectations by nearly 30%, with more than 500 million Saudi riyals (US$135 million) in revenues and more than 2 million active customers signed-up within four months. The operation, using state-of-the-art 2G and 3G mobile networks built to provide for 5 million customers, covers 95% of the Kingdom’s populated areas, directly serving 56% of the population with the remaining 44% covered through local roaming agreements.
 
His Royal Highness Prince Hussam bin Saud, Zain KSA Chairman, praised Dr Alahmadi’s achievements: “He fulfilled this crucial role admirably as CEO in the most critical phase of the company’s history and we are delighted that he is staying on as an active member of the Board of Directors.”  

Welcoming Dr Al Barrak to this additional role, His Royal Highness said, “He is one of the most distinguished and successful businessmen in the world taking Zain to exceptional heights as the eminent mobile company in the region and we all look forward to benefiting more from his leadership, wisdom and experience.”
 
On his part, Dr Al Barrak also applauded Dr Alahmadi’s accomplishments, acknowledging that he had laid down impressive foundations for growth.  “His mark will be forever imprinted in the story of Zain in the Kingdom of Saudi Arabia. Now the challenge is to push forward and build on these achievements by making make sure that this operation is at the forefront of the Group’s ambition to be a top global player by 2011.”  
 
Dr. Alahmadi expressed his gratitude to the Zain KSA team members who, he said, were the driving force for success during the initial of the operational phase. “They, through their loyalty and dedication, were able to firmly implant the idea of Zain in Saudi Arabian society and win consumer confidence. The period during which I led the management of Zain in KSA will remain one of the most memorable of my career. I am very fortunate and proud to have had the opportunity to work side by side with such distinguished professionals.”

11/03/2009