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Wed 15 Aug 2012 05:34 PM

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Kuwait's Zain says Iraq unit CEO steps down

Emad Makiya to be replaced by chairman on interim basis; no reason given for change

Kuwait's Zain says Iraq unit CEO steps down
GCC telecoms

Kuwait's Zain Group said on Wednesday that the CEO of its Iraq unit was stepping down with immediate effect.

Zain Iraq, the country's biggest mobile operator by market share, confirmed that Emad Makiya was leaving the company.

It also said that its chairman, Mohammed Charchafchi, will take over the role of acting CEO on an interim basis, without giving a reason for the change.

It added in a statement that Makiya will remain as an adviser to Charchafchi in his new role.

Emad Makiya became CEO of Zain Iraq in June 2010, guiding the company through a significant period of transition.

Charchafchi said: "We are extremely grateful for the excellent contribution that Emad made to Zain Iraq, building a strong company that is the market leader in a fast growing sector of our economy.

"He worked effectively to build enduring relationships with the government, regulators and the wider market."

Nabeel Bin Salamah, CEO of Zain Group, added: "Zain Iraq is a successful business with a clear strategic focus and a strong senior management team. We thank Emad for his diligence and can look to the future with confidence."

Established in 2003, Zain Iraq is the largest operator of mobile telecommunications services in Iraq providing mobile and data services to more than 12.4 million customers as of September 30 2011.

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