Zain appoints Al-Dugaither as new chairman

Mobile Telecommunications Company (Zain Saudi ) said it had appointed Fahd bin Ibrahim Al-Dughaither as its new chairman. The announcement followed Zain’s annual general meeting, chaired by Al-Dugaither. Al-Dugaither replaces Prince Hussam bin Saud. The company also said it reduced its expenses in 2012 by 5 percent, or SR 220 million, by adopting measures to control operational costs. Funding costs dropped by 25 percent or SR 290 million. The company also increases its capital, partially with payments made from shareholders (SR 2.5 billion) and murabaha funding (SR750 million). During the meeting, nine board members were elected for a three-year term. Source: Arab News