Kuwait-based mobile and data services operator Zain, which also has presence in Sudan, South Sudan and Morocco, is looking to make bigger investments in technology firms in a bid to strengthen its bottom line according to Reuters.

This would be in addition to considering whether to buy into two digital advertising companies following a hint at that goal by the telecom operator's chief executive yesterday.

Zain's decision to start prospecting for other ways to keep the business going was sparked by stagnation in subscriber numbers according to the report.

Instant messaging and calls made on the internet have also had a negative effect on profitability as these channels are adopted at the expense of text messaging and traditional phone calls.

Speaking before a conference in Dubai, Scott Gegenheimer, Zain's Group chief executive sought to downplay the profit motive in their desire to invest in technology companies.

"It's not about financial gain, (these) give us easier access to see what the new business models look like...they're more agile than a lot of the telecom operators. We don't have the time and skill sets to do this in house," he is quoted as saying.

According to Reuters Gegenheimer said Zain was interested in 'smart city' initiatives, online advertising and television services.

He also confirmed that Zain is currently seeking investment opportunities in two digital advertising companies, adding that data is providing about a fifth of Zain's revenue, a number he says is likely to increase.

"The amount of data we're giving away in our packages is not sustainable in the long run. In Europe, the U.S., the price for 1 or 2 gigabytes is the same as you pay in Saudi Arabia for 500 gigabytes," said Gegenheimer. "We have to get some of these packages under control ... because (otherwise) you're not going to be able to monetise the data.