• Loading stock data...

Oman Broadband eyes partial divestment

The Omani Broadband Company is taking on the responsibility of providing quality services, including support and assistance to major communication service providers in the Sultanate of Oman. It also operates the largest optical fiber network in the Sultanate.


Engineer Sultan bin Ahmed Al Wahaibi, the CEO of Oman Broadband, emphasized that the company is committed to continuing the expansion and improvement of the network infrastructure, enabling residents to access high-speed, broadband internet.


The CEO of Oman Broadband Company stated that the total number of units covered by the company’s optical fiber network reached 735 thousand units in various governorates of Oman by the end of September 2023. This is distributed to about 387,528 units in Muscat and 322,995 units outside Muscat.


He pointed out that the total number of subscribers by the end of September 2023 reached 255,886 subscribers, expecting that Oman Broadband will cover more than 99% in Muscat and about 50% outside Muscat of the total units in Oman over the next three years.


He explained that the company’s investments and movable assets have exceeded 276 million Omani rials since its establishment in 2014, confirming that the company has achieved several positive results. One of the most prominent is its total reliance on external financing for its projects instead of government support, and the construction of infrastructure used by all licensed telecommunications operators in Oman.


Additionally, he stated that the company works to empower small and medium enterprises by assigning several projects directly or indirectly to entrepreneurs with expertise in the company’s field. The value of projects directly assigned to these enterprises has reached over 43 million Omani rials.


The CEO highlighted that Oman Broadband Company has implemented various initiatives to support Omani youth, including the “Empowerment” program for job seekers and new graduates, as well as the “Path” program for company employees. The Omanization rate in the company has reached 99%, employing more than 200 Omani nationals in various specialties.


Regarding the public offering of the company’s shares, Engineer Sultan bin Ahmed Al Wahaibi confirmed that the company witnessed the acquisition by the Omani Fund for Infrastructure Investments “Rakiza” of 39% of ITHCA Group shares in Oman Broadband. He mentioned that a partial exit of approximately 10% to 26% will take place before the end of this year, depending on negotiations with other investors.


The CEO emphasized that the public offering of the company’s shares will enhance the public ownership base, provide liquidity for planned expansions, and attract foreign investment to Oman. It will also offer savings tools to shareholders, supporting the state’s plans to promote financial inclusion.


Concerning the “Affaq” project for covering rural villages, he mentioned that this initiative aims to cover 600 villages distributed across the various governorates of the Sultanate, reducing the digital divide.


He concluded by stating that the company continues its efforts to enhance partnerships with governorates to provide broadband infrastructure, improve internet services, and support the economic system, contributing to increasing local output and creating job opportunities.





Oman Daily Observer