Oman: Omantel reports $7bln revenue, expands tech strategy
Muscat – Omantel, Oman's leading telecommunications and digital solutions provider, reported consolidated revenues of RO 3.03 billion in 2024, reinforcing its transformation into a regional technology powerhouse. The company's evolution is anchored in robust financial performance, digital innovation, strategic international partnerships, and strong alignment with Oman Vision 2040.
Omantel's net profit attributable to shareholders rose by 4.4% year-on-year to RO 78.1 million, with earnings per share increasing to RO 0.104. Domestically, revenues reached RO 622.6 million, a 2.7% increase, supported by 6% growth in postpaid mobile and 7% in fixed broadband services.
The Group maintained a 40.2% mobile market share and a 54.4% fixed broadband share, with mobile subscribers reaching 3.96 million and fixed broadband users surpassing 311,000. Regionally, Zain Group — in which Omantel holds a 21.9% stake — contributed RO 2.47 billion in revenues, with double-digit growth in Iraq (11%) and strong gains in Bahrain, Jordan, Saudi Arabia and Kuwait.
In 2024, Omantel achieved RO 25 million in procurement savings through synergies with Zain Group. The two operators also launched Zain Omantel International (ZOI), a major regional wholesale gateway serving eight countries.
Omantel's global connectivity footprint expanded with the launch of the SN1 data centre in Salalah, in partnership with Equinix. With 10 submarine cables landing in Salalah, the city has become the second most connected location in the Middle East, after only Fujairah.
Omantel now operates a subsea network spanning 120,000 km, with connections to over 120 international cities, supported by two carrier-neutral data centres and six cable landing stations.
Following the successful completion of its 'Shift Gear' strategy, Omantel launched its new five-year roadmap — 'Portal to the Future' — focusing on AI, cloud computing, fintech, and smart infrastructure. Group-level ICT revenue rose 55.5%, supported by digital subsidiaries including Oman Data Park and Future Cities (Tadoom).
Notable product launches included the OmPay fintech platform, a new API marketplace, and 300+ AI-driven customer engagement campaigns. Strategic cloud collaborations continued with Amazon Web Services, Google, Oracle and Huawei to support national digital infrastructure under the National Cloud initiative.
Omantel intensified its sustainability efforts in 2024, completing full GHG baseline assessments for Scope 1, 2, and 3 emissions and rolling out AI-powered energy optimisation across its networks. Over 200 metric tonnes of e-waste were recycled, while solar-powered infrastructure was deployed at key sites.
The company invested RO 750,000 in CSR programmes, reaching over 260,000 beneficiaries. Key initiatives included:
• Completion of the RO 1 million 'My House, My Shelter' campaign
• Launch of 'Maqroo', the world's first Arabic font for dyslexic readers
• Omanisation rate of 94.3%, with 26% of staff and 19% of leadership roles held by women
Omantel Academy trained youth and graduates in AI, cybersecurity, and cloud through flagship programmes such as AI Empowered Youth and Future Skills Empowered Nation.
As the digital enabler of Oman Vision 2040, Omantel continues to lead the country's technological evolution through integrated solutions spanning AI, IoT, fintech, and cloud. Its infrastructure and service model are central to Oman's ambitions to become a knowledge-based, innovation-driven economy.
Chairman Mulham bin Basheer Al-Jarf noted that the company's shift to a tech-native enterprise will 'shape a future where every connection enriches lives.' CEO Talal Al Mamari confirmed that Omantel is entering a new growth phase, creating long-term value across markets and communities.
With its bold strategy, digital investments, and social impact, Omantel is positioned to remain at the forefront of regional innovation and sustainable development.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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