“Zain Saudi Arabia”: There is no plan to borrow and the financial flows are sufficient for investment

The CEO of Zain Saudi Arabia, Sultan bin Abdulaziz Al-Daghaither, said in a telephone interview with the Al-Arabiya channel that the plan that was presented to shareholders did not include any tendency to borrow, stressing that “the company’s financial flows are sufficient to pay all obligations and pursue investment in infrastructure.”

Regarding the company’s view of the telecommunications sector in Saudi Arabia, Al-Daghaither said, “Our view is optimistic for the sector, because the 2030 vision needs a strong infrastructure and the demand for service is different, and innovation will help us to excel.”

He explained that there has been a noticeable improvement in the revenues and cash flows of the company in the last 3 years, noting that in the last two years the company has made a voluntary payment of more than two billion and 100 million riyals in murabaha, which contributed to the improvement of the company’s financial position.

He pointed out that reducing the capital and then increasing it will contribute to reducing debt from 16 billion riyals to nearly 12 billion riyals, which helps the company to invest and focus more on providing products and investing in infrastructure.

He said that the company is investing outside the telecommunications sector as it has provided a license in the experimental environment with the Saudi Arabian Monetary Agency (SAMA) on fintech and microfinance.

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