Kuwait-based Zain Telecom said Saturday it has raised $4.49 billion in the Gulf’s biggest capital hike this year, selling off almost all its offered shares despite tough conditions posed in the market.

The fund-raising move was kept open to only existing shareholders of the company and the registered capital hike was 99 percent subscribed, said the company in a statement.

Zain said the subscription had gone better than expected considering the difficult market environment

“The proceeds of this capital increase will be used to finance future strategic expansion plans and meet financial commitments,” chief executive officer Saad Al Barrak said.

At present, Zain has its footprint laid out in 22 countries in the Middle East and Africa since expanding operations last month to Saudi Arabia.

In the past few years, it has spent billions of dollars in acquisitions and expansions.