Latest news with #RO63mn
Muscat Daily
02-06-2025
- Business
- Muscat Daily
Sohar International, Al Mouj sign MoU for RO63mn credit facility
Muscat – Sohar International and Al Mouj Muscat have signed a Memorandum of Understanding (MoU) for a strategic credit facility agreement valued at RO63mn to Al Mouj Muscat. Structured as a combination of term and revolving loan facilities, the agreement provides Al Mouj Muscat with the financial flexibility to accelerate ongoing and future developments, enhance operational efficiency, and pursue strategic expansion. This support will not only strengthen Al Mouj's diverse portfolio of residential, commercial, and hospitality assets but also enable the delivery of elevated experiences that meet the evolving expectations of its community, investors, and partners. In a press statement, Abdulwahid al Murshidi, Chief Executive Officer of Sohar International, said, 'At Sohar International, we take great pride in actively contributing to the sultanate's infrastructure development, which is central to Oman's broader national growth agenda. Our support for Al Mouj Muscat visionary project through this strategic credit facility reflects our commitment to empowering landmark initiatives that drive economic diversification and position Oman as a leading destination for investment and tourism.' Nasser al Sheibani, CEO of Al Mouj Muscat, said, 'Since the inception of Al Mouj Muscat in 2006, we have shouldered a great responsibility to become Omans' premier waterfront development and also a benchmark project for integrated mix-use developments. This agreement with Sohar International is a testament to the strength of our financial position and a clear vote of confidence in our vision for the future of the project.' The credit facility also underscores the strength and maturity of Oman's banking sector, highlighting the power of national institutional collaboration in advancing economic diversification. With this agreement, Al Mouj Muscat reinforces its foundation to create long-term value and solidify its position as a dynamic hub for lifestyle, leisure, and investment in the sultanate.
Muscat Daily
24-02-2025
- Business
- Muscat Daily
Vodafone Oman achieves 14% market share as it marks third anniversary
Muscat – Vodafone Oman is celebrating its third anniversary with strong market expansion, record growth in customer base and revenue, and bold strides in digital transformation, solidifying its position as a key driver of change in Oman's telecommunications sector. Just three years since its launch, the company has achieved an approximate 14% market share, increased its customer base by 18% year-on-year, and expanded its 5G NEXT LEVEL network to cover over 98% of the population, making it the fastest nationwide 5G rollout in Oman's history. Vodafone Oman said that its rapid growth is a testament to its strategic vision, digital-first approach, and focus on customer experience. Unlike traditional operators, the company entered the market as a fully cloud-based, digital-native operator, prioritising agility, efficiency, and seamless service delivery. In 2024 alone, the company's revenue grew by 58%, reflecting its ability to scale rapidly while maintaining strong operational efficiencies. 'When we launched Vodafone Oman, we set out to challenge the status quo and redefine connectivity. Today, we are more than a telecoms provider; we are an enabler of digital lifestyles, a driver of innovation, and a trusted partner in Oman's evolving economy. Our growth is not just measured in numbers, but in the trust we have built, the experiences we have shaped, and the lasting impact we are creating,' Eng Bader al Zidi, CEO of Vodafone Oman, said at a press conference on Monday. According to Zidi, a key pillar of Vodafone Oman's success has been its ability to anticipate and meet evolving customer needs. In 2024, the company expanded its BLACK and RED offerings, ensuring greater flexibility and value for both individuals and businesses. Beyond new products, Vodafone Oman strengthened its market position through strategic partnerships, including securing a long-term agreement with Friendi Mobile to transition its more than 700,000 customers to Vodafone's 5G NEXT LEVEL network. According to company officials, Vodafone Oman's expansion has not only strengthened the telecoms landscape but also generated tangible economic impact. In 2024, the company's In-Country Value (ICV) contribution exceeded RO63mn, prioritising Omani SMEs, local businesses, and national talent development. 'Over the past three years, Vodafone's total ICV investment has now reached RO180mn, demonstrating its long-term commitment to Oman's economic growth and digital transformation,' Zidi said. As the digital ecosystem evolves, Vodafone Oman has positioned itself as a leader in cybersecurity, ensuring that both individuals and businesses remain protected against emerging threats. In 2024, the company launched CyberSafe, a comprehensive security solution designed to enhance digital protection and resilience. Looking to the future, with a fully independent 5G network covering over 98% of the population, Vodafone Oman has laid the foundation for its next chapter – one focused on enhancing customer experiences, scaling enterprise solutions, and leading Oman's digital economy into the future. 'Three years in, and this is just the beginning,' added Zidi. 'We are fast-tracking into the future, delivering more innovation, more value, and setting new benchmarks for customer experience. The way we see it, Vodafone is not just a network; it's an experience, a partner, and a driver of Oman's digital progress.'
