Even with the economic recession clouding the global economy, Kuwait-based Mobile Telecommunications Co, Zain is eyeing to snag acquisitions worth up to $4 billion by 2010, said chief executive Saal al-Barrak on Wednesday.

Taking into account the current scenario, Barrak said Zain intends to spend $3 to $4 billion through out next 12 months.

With current operations in 22 countries, Zain aims to become the leading operator in Africa and the Middle East, and is looking to acquire majority stakes in companies or acquiring licenses in the two regions.

Furthermore, it is also fetching favorable opportunities in South Africa, Rwanda, Cote D''Ivoire, Mali, Mozambique, Yemen, Syria and even Zimbabwe, in order to expand its footprint.

Zain is targeting to buy at least 51 percent if it falls out on acquiring 60 percent of its acquisition targets.

Meanwhile, it also plans to foray Asia, particularly Iran, Pakistan, India, Indonesia, Malaysia, Cambodia, Vietnam, Thailand, but from 2011 onwards.

The acquisitions will be funded with the loan of about $1.5 billion to $2 billion which Barrak is confident of getting despite the credit crisis, he said.