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Zain Iraq finalises sale, leaseback of almost 5,000 towers

Towers NEW .jpeg

Zain Iraq has entered into a 15-year agreement to sell and leaseback management rights of the passive physical infrastructure of its 4,698 tower portfolio in the country to TASC Towers Iraq for US$180 million.

TASC Towers is headquartered in Dubai and operates towers in the MENEASA market (Middle Eaast, North and East Africa and South Asia).

The deal also comprises of TASC Towers expanding the network and building new tower sites across the country to meet the growing demand for data connectivity per local market requirements.

TASC Towers will manage Zain Iraq’s supporting facilities such as power generators, fuel tanks and shelters.

Zain Iraq will retain its active infrastructure, including wireless communication radios, antennas, intelligent software, transmission systems and intellectual property.

Bader Al-Kharafi, Zain vice-chairman and Group CEO said: Zain’s ‘4Sight’ strategy aims to create significant value for shareholders through the unlocking of capital and optimization of infrastructure assets which will flourish under the management of an independent team.

“This transaction will enhance operational efficiencies and empower Zain Iraq with greater flexibility to invest in network upgrades and cutting-edge ICT technologies to meet the ever-increasing demand for reliable and high-speed connectivity.

I congratulate both the Zain and TASC Towers teams for their competence in completing this landmark deal that will be instrumental in developing Iraq’s digital economy and paves the way for tower infrastructure sharing, an important element in our groupwide carbon footprint reduction strategy that aims for Zain to transition to Net-Zero by 2050.

And independent tower operator will work on optimising the co-location of mobile network sites with other telco operators in the country, Zain added in a release.