Ooredoo among top 5 telecoms in GCC

April 11, 2022

Doha: Ooredoo has ranked third largest telecom company in the GCC in terms of assets in 2021, according to Forbes Middle East.

The Qatari multinational telecom service provider has joined the list of the region’s leading telcos with its total assets valued at $21.2bn by the end of December 2021. It may be noted that Ooredoo also ranked 22nd among Forbes Middle East’s ‘Top 100 Companies in the Middle East in 2021’.

In its annual financial statement, Ooredoo posted a QR30bn revenue for 2021, an increase of 4 percent compared to the same period previous year, mainly driven by growth in its home market Qatar, Indonesia, and Tunisia. Forbes added that the company’s profit reached $288.9m in 2021 compared to $390.5m in the previous year.

More recently, Ooredoo has announced that it will be the ‘Official Global Connectivity Services Provider’ for Qatar 2022. FIFA and the Supreme Committee for Delivery and Legacy has selected Ooredoo to provide global connectivity services to all media rights licensees in Qatar for the upcoming FIFA World Cup, with around 50 broadcasters across the world connecting to its network and the international broadcasting centre in Doha for transport of live video feeds and data.

According to Forbes Middle East, the combined assets of the GCC’s five largest telecom companies stood at $125.6bn, with three Gulf countries including Qatar, UAE, and Saudi Arabia leading the roll out of 5G technology and offering it commercially.

“In 25 years, the number of mobile subscribers in the Middle East region has reached 400 million. During the same period, 360,000 jobs were created in the region by the mobile ecosystem and over 640,000 indirect jobs. The GCC region is also expected to add $255bn in the gross domestic product (GDP) of countries soon if their digital growth continues,” the report added.

Other telcos which also made it in the list include the UAE’s e& with $34.9bn assets in first place, followed by Saudi Arabia’s stc with $34.1bn assets in second place, Oman’s Omantel with $19.6bn assets in fourth place, and Kuwait’s Zain Group with $15.8bn assets in fifth place.

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