“The results are not surprising, the global crisis is one reason why Zain is in trouble,” Jassim al-Saadoun, head of Al- Shall Economic Consultants in Kuwait, said in a phone interview today. “It also expanded too quickly which affected its financial structure. It needs to service its loans and paid too much for that expansion.”

Zain has also overspent, al-Saadoun said. “The global crisis is almost over and if Zain waits two years, its assets will be more mature and its bargaining power stronger to sell more assets,” al-Saadoun said.