MUSCAT: In a significant development, the Oman Infrastructure Fund (Rakiza) has signed a landmark agreement to acquire a 39per centstake in Oman Broadband Company, a joint stock government company responsible for advancing broadband infrastructure in the Sultanate of Oman.
The agreement was formalized in a ceremony attended by Eng Said bin Abdullah al Mandhari, CEO of ITHCA Group and Chairman of Oman Broadband Company, alongside Muneer bin Ali al Muneeri, CEO of Oman Infrastructure Investment Management (Rakiza). This deal marks a notable partial exit for ITHCA Group from its investment in Oman Broadband.
Eng Said al Mandhari, CEO of ITHCA Group, hailed the significance of this development, stating, "This marks a significant achievement in the Group's plan to divest certain assets and utilize the resulting capital gains in advancing state-of-the-art technologies." He underscored the successful journey of Oman Broadband since its inception in 2014 and its ability to secure non-government commercial funding solutions.
One of the crucial achievements of Oman Broadband Company has been its creation of a robust infrastructure serving as a shared resource for all licensed telecom operators in Oman. This collaborative approach not only streamlines network expansion but also avoids redundant telecommunications infrastructure, reinforcing economic efficiency. Additionally, this aligns with ITHCA Group's initiatives to nurture and empower Omani talent through programs like the "Tamkeen program." Al Mandhari emphasized that Rakiza's acquisition would enhance collaboration with partners and contribute to Oman Broadband Company's initiatives. The partnership is anticipated to play a pivotal role in fostering economic growth and creating job opportunities for Omani youth and job seekers alike.
Muneer bin Ali al Muneeri, CEO of Oman Infrastructure Investment Management (Rakiza), reiterated the firm's commitment to Oman’s National Broadband Strategy. This strategy, aimed at creating a world-class digital communication network throughout Oman, is a crucial national initiative.
Al Muneeri noted that this marks Rakiza's fourth acquisition in key infrastructure sectors in Oman. This acquisition signifies a significant leap forward for Oman's broadband infrastructure, a crucial component in the country's vision to become an attractive destination for foreign investments, he said.
Eng Sultan bin Ahmed al Wahibi, CEO of the Oman Broadband Company, expressed his optimism about the partnership with Rakiza, underscoring the importance of continuous improvements and upgrades to attract foreign investments to the Sultanate. He highlighted Oman Broadband Company's vital role in contributing to telecommunications service providers in Oman, operating the largest fiber network in the country. The company is dedicated to training and empowering Omani professionals, ensuring widespread coverage of fiber optic networks across Oman, he stated.
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