Zain acquires stake in Lebanese mobility provider

29 February 2016 | Jason McGee-Abe

Zain Group has acquired a strategic stake in Lebanon-based Foo, which operates in mobile applications development in the region.

Zain hopes to serve mobile and enterprise customers through the partnership, with Foo offering services such as digital strategic consultant, user interface and experience (UI-UX) design, app and web development solutions, digital marketing and incubation of start-ups.

The partnership builds on the establishment of the Zain Digital Frontier and Innovation (ZDFI) business unit, which is charged with launching Zain into the digital space and focuses on the areas of innovation, digital services, corporate venturing, and smart cities.

“Foo is one of Lebanon’s technology success stories and this strategic investment will fast-track and enhance Zain’s delivery of innovative digital services to customers and enterprises,” said Scott Gegenheimer, Zain Group CEO.

Foo believes the partnership will help to boost its vision of becoming a leader in digital innovation. “We are sure there will be plenty of opportunities for us to leverage each other’s experience in the future,” said Elie Nasr, managing partner of Foo.

The partnership was announced at the Mobile World Congress in Barcelona.