Rakiza Fund acquires a 39% stake in ITHCA’s Oman Broadband
Oman Infrastructure Fund “Rakiza” signed an agreement to acquire a 39% stake in Oman Broadband Company (the government’s arm in the development of broadband infrastructure in the Sultanate of Oman) from Ithca Group.
The agreement was signed by Engineer 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”.
In response to the agreement signing, Engineer Said Al Mandhari, CEO of ITHCA Group stated that: “This marks a significant achievement in the Group’s plan to divest certain assets utilize the resulting capital gains in advancing state-of-the-art technologies.” He added that “Our broadband journey began in 2014, during which, we accomplished notable positive results, with non-government backed commercial funding solutions.”
“Oman Broadband Company has also succeeded in building a strong infrastructure base which serves as a shared resource for all licensed telecom operators in the Sultanate. This harmonizes efforts to expand the network and avoid overbuilding of telecommunications infrastructure across the Sultanate. These achievements complement various initiatives undertaken by the Group to nurture and empower Omani talents through several programs such as the “Tamkeen program.”
Al Mandhari also added that “This acquisition by Rakiza will strengthen our collaboration with our partners and contribute to the enrichment of Oman Broadband Company’s initiatives. This, in turn, facilitate increased investment and support for startups in the ICT sector. This partnership will play a significant role in fostering growth in Oman’s economy and its Gross Domestic Product, and bolstering the Group’s financial position, and expanding its investments portfolio, ultimately creating job opportunities for Omani youth and job seekers alike.”
Muneer bin Ali al Muneeri, CEO of Oman Infrastructure Investment Management “Rakiza”, added: “We are pleased to complete our investment in the Oman Broadband Company in partnership with ITHCA Group. We remain committed to achieving the Sultanate’s National Broadband Strategy and facilitating growth in fiber networks across the Sultanate. “This marks a significant step in realizing the Sultanate’s vision of establishing a world-class digital communication network throughout the nation. Notably, this investment marks s Rakiza’s fourth acquisition in key infrastructure sectors in Oman.
Engineer Sultan bin Ahmed Al Wahibi, CEO of the Oman Broadband Company also commented on this agreement saying: “The partnership with an institutional investor of Rakiza’s stature, will unlock investment prospects and facilitate growth in broadband network infrastructure in Oman. Continuous improvements and upgrading are going to remain essential to make the Sultanate an attractive destination for foreign investments. “Oman Broadband Company is the government’s arm in the construction and development of broadband infrastructure in the Sultanate of Oman”.
“We are positively contributing to telecommunications service providers in the Sultanate of Oman. Our support and assistance, combined with operating the largest fiber network in the country, is led by a professional and competent Omani team and is supported by our talented contractors and technicians across all governorates. We are committed to providing training and empowerment to these professionals, to ensure the widestr possible coverage of fiber optic networks across the Sultanate of Oman. We are dedicated to expanding and improving the network infrastructure, allowing residents in urban or rural areas to have access to a reliable high-speed broadband internet connection, thereby contributing to the growth and sustainability of our national economy.”