Message from the Vice Chairman and Group CEO

In a year in which geo-political conflict impacted Zain’s operating context, the company continued to demonstrate its inherent ability to provide value throughout its markets of operation.

Zain’s adaptive approach to the business, focused on the opportunities and the evolving operational landscape, provided the organization with strategic prospects to support the achievement of sustained financial growth.

Central to the company’s progress and success is our exemplary human capital whose belief, dedication, and heart generate the energy to forge ahead in the face of challenges. The obstacles that were overcome included mass displacements, extreme weather events, market competition, a rise in cybersecurity risks, currency devaluation, and inflation, to name only a few.

Our commitment to helping create “A Wonderful World” resulted in outstanding financial performances across key markets. We faced headwinds in Sudan due to the ongoing civil conflict, but we experienced growth there due to the company’s strategic positioning. We continued to achieve positive results from the implementation of our 4WARD profitable expansion strategy, resulting in solid growth across multiple new business streams, notably in fintech, digital and enterprise revenues.

Zain’s fintech arm provided sustained value, characterized by the extraordinary growth of Tamam in Saudi Arabia and Zain Cash in Iraq and Jordan, demonstrating the socio-economic impact these services have on our communities.

Flexible solutions offered through our innovative digital operators Yaqoot in KSA and oodi in Iraq, and through our marketing partnership with Red Bull in Kuwait, powered through a sustainable and dynamic mobile app, offer customers the convenience of signing up for appealing voice and data connectivity services from the comfort of their home, fulfilling our promise to provide the best and most unique digital lifestyle experiences.

Similarly, our groupwide API platform, Dizlee represents a powerful Digital Monetization Ecosystem offering a unique sustainable proposition to developers, entrepreneurs, global and local brands, internet players and businesses to connect in a “one stop shop” model. Strategic international partners planning to enter the Middle East to offer their digital services, can connect to Zain’s and Omantel’s 50 million customers in just one simple and efficient connection with no need for multiple integrations.

ZainTECH, our regional integrated digital solutions provider, continues to offer a unique value proposition through the delivery of comprehensive digital solutions for businesses and governments across the region. ZainTECH is committed to driving sustainability through its innovative digital solutions that empower businesses to meet their sustainability ESG objectives by reducing carbon footprint, resource optimization, and sustainable supply chain as well as enabling them to monitor and improve their sustainability metrics.

Zain Omantel International (ZOI), our premier wholesale provider in MENA, continues to achieve the highest network ranking in the region and is included in the world’s top 100 ranking. ZOI enables our operating entities to manage their businesses in full independence, while providing a critical foundation for sound connectivity in advancing digital transformation initiatives. ZOI’s strategic objective is to manage and invest in regional and international subsea and terrestrial networks connecting our operating and international markets.

Our commitment to systemic change continues to evolve, especially at challenging times. We are committed to providing support to all our employees across our markets through our BE Well program and many other employee development initiatives under our Inclusion, Diversity and Equity program across the organization.

2024 also saw Zain’s net-zero targets formally verified and validated by SBTi (Science Based Targets Initiative). Zain is committed to reducing its emissions by 2030 by 42%, and achieving net-zero by 2050 in line with the Paris Agreement and the IPCC Assessment Report No.6. The target validation alongside our disclosures to CDP, are a firm commitment to addressing climate change in a responsible and equitable manner, recognizing the impact we have across our value chain.

Through our business activities and our various initiatives, we hope to inspire future generations and create pathways for transformation and growth.

We would like to offer our appreciation to His highness the Amir of the State of Kuwait, Sheikh Meshal Al Ahmed Al Jaber Al Sabah, and the members of the Governments in which we operate for their invaluable support, which is instrumental in our growth and development.

Sincerely,

Bader N. Al Kharafi