Skip to content Skip to Search
Skip navigation

PIF-backed Rakiza buys 39% of Omani broadband developer

Rakiza – which closed its first fund in March, raising more than $1bn – is investing in broadband networks Oman News Agency
Rakiza – which raised more than $1bn for its first fund – is investing in broadband networks

Oman Infrastructure Fund, known as Rakiza, has acquired a 39 percent stake in Oman Broadband Company, the government arm developing broadband infrastructure in the sultanate.

Rakiza, backed by Saudi Arabia’s Public Investment Fund, bought the stake from ITHCA Group, a Muscat-based venture capital firm. The price was not disclosed.

The investment is Rakiza’s fourth acquisition in Omani infrastructure sectors, the state-run Oman News Agency reported, citing CEO Muneer Ali Al Muneeri. 

“Continuous improvements and upgrading are going to remain essential to make the sultanate an attractive destination for foreign investments,” said Sultan Ahmed Al Wahibi, CEO of Oman Broadband Company.

Rakiza closed its first fund in March, raising more than $1 billion from participants.

The fund has already spent a quarter of this money buying three Omani assets – a 30 percent stake in a telecom tower portfolio, 31 percent of a Port Sohar container terminal and a majority holding in a new fruit and vegetable market.

In August PIF invested $300 million in Rakiza, which is co-managed by Oman Infrastructure Investment Management and London-based Equitix.

Saudi Crown Prince Mohammed Bin Salman said in October that PIF would launch five companies to invest in Bahrain, Iraq, Jordan, Oman and Sudan.

Together with PIF’s Egyptian subsidiary, these six companies will invest up to $24 billion in total.

Latest articles

Plenary founder and director Paul Oppenheim, Plenary CEO David Lamming and Ahmed Ali AlShamsi, director of energy and utilities at ADQ

ADQ buys stake in Australian investment company

The UAE’s investment fund ADQ has acquired a 49 percent stake in Australian infrastructure investor Plenary Group as part of its expansion drive. The Abu Dhabi state-backed company will acquire all shares currently owned by Canadian pension fund Caisse de dépôt et placement du Québec, which will continue to invest in a range of Plenary’s […]

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]

Garden, Nature, Outdoors

UAE commits $50m to development fund

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low […]

Abu Dhabi’s last debt market activity included a $2 billion bond in May 2021 followed by a further $3 billion in September

Abu Dhabi launches $5bn bond issue

Abu Dhabi has initiated $5 billion in a three-tranche bond after a hiatus of three years, according to a media report. The $1.75 billion five-year bond, $1.5 billion 10-year tranche and $1.75 billion 30-year issue was priced at 35, 45 and 90 basis points, respectively, over US Treasuries, fixed income news service IFR reported. Abu Dhabi […]