Zain did not explain why it had done the deal but its chief executive said last year that the Kuwaiti telco wanted to retain majority control of the subsidiary.
A royal decree last May ordered the liquidation of the firm, which never launched services despite making a winning SAR1 billion bid for a fixed telecom licence in 2007.
The fund is most likely to be Mubadala, sources said, given that it already has telecommunications assets and an existing partnership with Etisalat in Africa.