The one-year funding package renews an agreement that Zain signed in December 2006 at a margin of 65 basis points.

Zain’s new debt is thought to be priced at about 85 basis points because of the impact of the credit crunch.

BNP Paribas, Calyon and Deutsche Bank were bookrunners on the financing.

Arab Bank, Banque Saudi Fransi, Gulf International Bank and National Bank of Abu Dhabi acted as mandated lead arrangers.