ITHCA to exit stakes in some investments

BUSINESS REPORTER

MUSCAT, APRIL 25

The Oman Communications and Information Technology Group (ITHCA) – part of Oman Investment Authority (OIA) – says it has identified 11 priority areas that are highly promising for investment in the Sultanate of Oman with total economic returns estimated at $370 million by 2025.

A representative speaking at Sunday’s briefing said ITHCA aims to act as a strategic investment arm for the Authority in the ICT sector, focusing on opportunities that will accelerate market growth, and primarily in areas that have not been exploited by the private sector.

ITHCA’s investments are focused on the following four drivers: Enhancement, Value Harnessing, Transformation and Optimisation. Current investments total RO 210.5 million riyals and expected revenues are RO 220 million in the current five-year plan. Profits are estimated at RO 30 million.

The group also plans to generate more market value by exiting and selling some stakes in some of its existing investments and using the proceeds to invest in emerging technologies.