Zain continues to be linked with tower sale deal in Kuwait and Saudi Arabia

According to a Bloomberg report, Zain is working with Citigroup on the sale of its tower network in two Gulf countries, which may fetch as much as US$2 billion, according to people with knowledge of the matter.

Zain is said to be seeking to sell about 8,000 towers in Kuwait and Saudi Arabia, the people said, asking not to be identified as the information is private. The sale will probably attract telecommunications companies with businesses in the region as well as private-equity firms, they said.

Zain operates across eight countries in the Middle East and North Africa and has over 44 million customers.

The company has appointed advisors to examine the best business model, which could include tower sharing or sale and lease back agreements, a spokesman for Zain said by phone. The process is in its early stages and the company will do what’s best for its shareholders and customers, the spokesman said. A spokeswoman for Citigroup declined to comment.