Omantel, Oman’s largest telecommunications provider, has experienced a decline in both market share and profits in 2024. The company reported a 3% drop in net profit, totaling $795 million, due to losing market share to competitors. Omantel’s market share fell by five percentage points, dropping from 53% to 48% of the country’s 7.1 million telecom subscribers.
The decline in market share is attributed to increased competition from Qatar’s Ooredoo, Vodafone, and the Omani company Awasr. Harib Al-Habsi, a telecommunications analyst, explained that while Omantel still holds the largest share of the local market, its competitors have been more aggressive in gaining business momentum.
Omantel continues to offer a broad range of services, including mobile, internet, fixed line, wholesale communication, and data center services. Additionally, Omantel is involved in software as a service and holds a 12% stake in Kuwait’s Zain Group, which it acquired in 2017. The company, founded in 1987, remains majority-owned by the state sovereign wealth fund, Oman Investment Authority.
