Zain Group acquires strategic stake in Lebanese company FOO

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In the picture from left to right: Emre Gurkan (Zain Group Chief Strategy and Business Development Officer), Scott Gegenheimer, Elie Nasr and Ghady Rayess.

Zain Group has taken a strategic stake in Lebanon-based mobile apps developer, FOO, for an undisclosed amount.

The telecom provider, who announced the investment at last week’s Mobile World Congress in Barcelona, operates in eight markets across the Middle East and Africa, and aims to enhance its services to customers and enterprises through this partnership.

FOO focuses on digital strategic consultancy, user interface and experience (UI-UX) design, app and web development solutions, digital marketing and startup incubation.

“Our vision is to become the leader in digital innovation and become our client’s innovation partner. We believe the partnership with Zain will help us reach this goal. As a renowned mobile operator, Zain has proven itself to be a leading innovator in its own right, and 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 in a statement.

This partnership builds on the establishment of the Zain Digital Frontier and Innovation (ZDFI) business unit, which handles Zain’s digital presence, and adds to it’s customer service offerings. ZDFI focuses on innovation, digital services, corporate venturing, and smart cities.

“We believe in technology unlocking the potential of and transforming the way people live their lives and conduct their business. Given the coming together of the Internet of Things and the power of robust data applications, Zain plans to capitalize on its relationship with FOO,” said Zain Group CEO, Scott Gegenheimer.   

Another partnership with neXgen

Also during the Mobile World Congress, Zain Group announced another strategic investment in neXgen Group, a smart city advisory and consulting services provider based in the UAE.

This investment aims to establish a specialized business unit, delivering smart city services to governments and mega real estate developers, facilitating the deployment of smart city solutions.

The unit will also include design and integration for applications including smart living in city districts, smart safety and security, smart education and health, and smart metering for the utility sector among others.

According to a statement, both companies believe that the confluence of smart technologies and services, the Internet of Things and the power of data, smart city developments will enhance the lives of millions of people across the region.

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