Despite the economic crisis which we see in the region and its implications everywhere, the bigger economic and business entities are performing well and showing good results. This is undoubtedly a matter of pride. This growth has highlighted the capacity and capabilities of our national companies.
When our investments in the communication sector abroad achieve huge returns, it indicates that the investments in these companies, expansion of markets and the idea not to depend just on local market was feasible and successful approach. The investments abroad have opened up wider horizons for investments of our companies, against the narrow minded perceptions.
Our companies have emerged compatible with the rapid developments taking place in the communication sector which has fast growth. This became possible due to advanced technology and artificial intelligence used in this area. It has sufficient proof which do not leave any scope for any inkling of doubt that our companies are compatible with these changes and deal with them in a positive manner.
Technology is the backbone of the communication sector. It requires that we address the needs of technology and tools with the same pace of advancements in the world. Our companies had to race against time and work round the clock. This is the name of the game in which our national companies are successful and make us feel proud.
Oman Telecommunications Company or what we also know as Omantel brought us good news. In its semi-annual results, it achieved RO 126.5 million from local markets and its investments in Zain International Group. It indicated that the company’s approach was right. It is working to strengthen its role as the largest telecom operator in the country.
Being the main telecom company in the Sultanate of Oman on which the entire country depends, this achievement was expected. This is the sector which connects all aspects of human life in the country, including economy, education, health and individual life.
It is with us in every step of our movement and growth.
Omantel not only provides services to us, but also imparts its duty in bringing profits and guarantee connectivity of the Sultanate with the entire world. Nevertheless, it also works in the pursuit of the goals of its shareholders and investors. It does not lose sight from its agenda and responsibilities. It makes all efforts to keep a balance between its investments within the country and abroad, as a national responsibility. It adds high value in its procurements of more than RO 300 million per annum. It is the largest employer of Omanis. It is one of the biggest companies of the Sultanate in social responsibility programmes. It supports almost all national and social activities.
The combined profits of RO 126.5 million in the first half of this year shows that the company was successful in its area of work and beneficial for its investors, including the government which has a 51-per cent stake in it. The profit made by this company is
being pumped in other development sectors including education, health and social welfare.
These results which we see today were not achieved from a vacuum. Nothing is achieved without failure and learning lessons from every fall which has not been repeated. These achievements are the outcome of concerted efforts, wide vision, experiments as well as trust of its investors in its model of business. This has made it one of the telecommunication giants proving its presence in the world markets.
Investments in such companies are asset the value of which remains save. They have capabilities and capacities which are not shaken by knee-jerk reactions of investors caused by one reason or the other, which we see in the share market every day.
The achievement made by Omantel is due to the able hands and sharp minds it has in its leadership. When we start narrating the story of the success of this company, it would require time and space which are in scarcity today.