Driving Oman's digital vision

Omantel is a leading integrated telecom operator in Oman with a strategic regional footprint through its stake in Zain, combining a stable domestic telecom base with exposure to broader MENA markets. The investment case is increasingly centred on its transition towards a more diversified digital infrastructure and technology platform, driven by the scaling of ICT and international wholesale capacity. This shift is evident in our estimates, with growth increasingly supported by ICT and wholesale, albeit with near-term margin and cash flow dilution as these businesses scale. The current Middle East conflict elevates risk in the short and medium term, although Oman will be the least affected of the GCC countries, in our view. Key catalysts...