In June 2010, Crédit Agricole CIB, in close cooperation with Banque Saudi Fransi, BNP Paribas, NBK and DBS, acted as mandated lead arranger and bookrunner for a new USD 585 million 6-month facility in favour of Zain Saudi Arabia (Zain KSA). The borrower has an option to extend this facility by another six months.

This transaction aims to refinance certain vendor related financings of Zain KSA. After the disposal of its African assets, Zain Group decided to rearrange its financings. This short-term facility contributes to give the necessary flexibility while a new corporate strategy is translated into a new financial strategy.

Crédit Agricole CIB led several transactions for the Kuwait-based mobile telephone operator. These transactions include flagship revolving facilities and various project-based facilities for certain subsidiaries with a particular focus in Saudi Arabia.

Crédit Agricole CIB became a privileged financial partner to Zain Group when this greenfield company launched its Saudi Arabian subsidiary in 2008. Through CSFL (the Saudian investment bank joint venture between Crédit Agricole CIB and Banque Saudi Fransi), the Bank provided both financial support and advisory services with a mandate to manage its successful USD 1.9 billion IPOInitial Public Offering. Initial listing of a portion of a company's capital on the stock market, with or without a capital increase. This is a favoured exit strategy for private equity investors looking to unlock the value of their investment..

By now Zain KSA has captured 13% telecom market share in Saudi Arabia.