Zain slashes workforce by 70%

    Job-cuts part of Group's "new strategy", according to exec.
    Zain recently announced it made close to $300 million from a sale of its African assets.
    Zain recently announced it made close to $300 million from a sale of its African assets.

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    Kuwaiti telecoms firm Zain, which sold most of its African assets to India's Bharti Airtel, has lowered its workforce by 70 per cent, its chief executive said in published remarks.

    "The group's workforce has been lowered by 70 percent in light of the new strategy for the group in the next period," Kuwaiti daily newspaper al-Seyassah quoted CEO Nabeel bin Salama as saying on Sunday.

    A company spokesman confirmed the report on Sunday but did not provide more details.

    In June, Zain and Bharti closed a $9 billion deal for the Kuwaiti firm's African assets excluding Sudan and Morocco.

    Zain, the Gulf Arab region's third-largest telecoms group by value, now operates in eight countries.

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