Rakiza, the prominent Omani infrastructure fund, has recently formalized an agreement to secure a 39% stake in Oman Broadband Company from Ithca Group, a significant move that underscores the ongoing developments in the Omani telecommunications landscape. The agreement, signed by Eng Said bin Abdullah al Mandhari, CEO of Ithca Group and chairman of Oman Broadband Company, and Muneer bin Ali al Muneeri, CEO of Oman Infrastructure Investment Management (Rakiza Fund), marks a pivotal step in the evolution of the country’s digital infrastructure sector.
Expressing the significance of this strategic acquisition, Mandhari highlighted Ithca Group’s vision to divest certain assets, utilizing the resulting capital gains to drive the adoption of cutting-edge technologies. Underlining the notable accomplishments of Oman Broadband Company since its inception in 2014, he emphasized the successful establishment of a robust infrastructure framework serving as a shared resource for licensed telecom operators across the sultanate. This collaborative approach has effectively minimized the redundancy of telecommunications infrastructure development and facilitated the expansion of the network, thus contributing to the advancement of the telecom industry in Oman.
Mandhari further emphasized the crucial role of this acquisition by Rakiza in fostering collaboration and reinforcing Oman Broadband’s initiatives, ultimately catalyzing increased investments and support for ICT startups. This strategic partnership is poised to play a vital role in driving economic growth in Oman, fortifying Ithca Group’s financial position, expanding its investment portfolio, and generating employment opportunities for Omani youth and job seekers.
In alignment with the vision of Oman’s National Broadband Strategy, Muneer affirmed Rakiza’s unwavering commitment to enhancing the fiber network landscape throughout the nation. Emphasizing the significance of this investment in realizing the sultanate’s ambition of establishing a world-class digital communication network, he underscored the fund’s dedication to contributing to the growth and development of Oman’s digital infrastructure.
Eng Sultan bin Ahmed al Wahibi, CEO of Oman Broadband Company, highlighted the prospects unlocked by the partnership with Rakiza, emphasizing the catalytic effect on investment opportunities and advancements in the broadband network infrastructure within the country. Stressing the importance of continuous enhancements and upgrades, he reiterated the commitment to positioning Oman as an attractive destination for foreign investments in the telecommunications sector.