Omani investment firm acquires 32% stake in Awasr

11 Jan 2018

The Oman National Investments Development Company (Tanmia) has finalised a deal to acquire a 32% stake in fibre-optic service provider Awasr. Times of Oman reports that under the deal, Tanmia will invest in Awasr through a combination of equity purchase from the current owners and a capital increase to finance new development projects and enhance the expansion strategy. Awasr launched commercial fibre-to-the-home (FTTH) broadband services for residential and business customers in March 2016. Network coverage is currently available in parts of the capital Muscat, including Al Maabilah, Al Mawaleh, Al Khoudh, Al Seeb, Al Hail, Wadi Al Lawami, Azaiba, Al Ghoubra, Al Qurum, Shati Al Qurum, Al Wadi Al Kabir, Wadi Adai, Al Hamriya and Darsait.

‘This acquisition is a major milestone for Awasr as it serves our goals to establish ourselves as a major player in the telecommunication market in the Sultanate of Oman,’ commented Abdulmonem Al Futaisi, Awasr’s COO, adding: ‘We have, in less than two years, been able to reinvent the internet market in Oman with our offerings and we aim to continue this innovation path in the future … Our plan this year is to extend our services outside of Muscat to be able to provide customers with high-speed internet services in different parts of Oman.’

Oman, Awasr Oman