KUWAIT CITY -- Zain (Zain – KSE Ticker) announces its third quarter 2007 results reflecting the following:

Q3-2007 Highlights

Total Active Customers - 36.47 million (as at September 30, 2007) Consolidated Revenues - KD 1.224 billion (US$4.273 billion) EBITDA - KD 527 million (US$1.84 billion) Net Income - KD 235 million (US$821 million) EPS - 127 Fils (US$0.44)

As at September 30, 2007, Zain is serving a growing customer base of over 36.47 million active customers in 22 countries in the Middle East and Africa, reflecting an increase of 49% when compared to Q3-2006. Consolidated revenues increased 36% from US$3.142 billion to US$4.273 billion; EBITDA grew from US$1.433 million to US$1.84 billion, an increase of 28% representing an EBITDA margin of 43%. Net income reached $820.5 million, up from US$731.7 million, an increase of 12% over the same period last year representing earnings of US$0.44 per share, 12% above the EPS for same period in 2006.

Dr Saad Al Barrak, CEO of Zain said: "With the recent launch of our new corporate master brand Zain, we are delighted that the company continues its excellent performance in the third quarter of 2007. We are confident that our resolute efforts in the launch of the new brand identity will propel the company to becoming a top-ten global mobile operator by 2011. Our most recent license acquisitions in Ghana, Iraq and the Kingdom of Saudi Arabia, all three economic powerhouses in their own right will positively contribute to our future growth.”

Further adding, “We have invested heavily in the upgrading of networks and facilities in both our African and Middle East operations, necessary expenditure to support customer growth and more importantly customer service. Our “One Network” concept, the world’s first borderless roaming service, will soon be expanded from its current six operations to 12 on the African continent, and in early 2008 this state-of-the-art service will be launched in the Middle East” said Dr Al Barrak.

Zain Group