Dear Shareholders,
2024 was another solid year for Ooredoo Group, seeing substantial growth across all key financial metrics and delivering value to our stakeholders as we continue to diligently execute our strategy.
The Group made robust operational progress, and our strong results demonstrate that our strategy is working in delivering strong shareholder returns. Our focus on strengthening our core operations and scaling new growth areas delivered robust financial performance and significant shareholder returns.
During the year, we made bold strides in becoming a leading telecom and digital infrastructure provider, advancing investments in critical assets and expanding our global connectivity footprint.
A major milestone was the creation of MENA Digital Hub, our new carrier-neutral data centre company, backed by QR 2 billion in a long-term financing deal to accelerate its expansion. Our collaboration with NVIDIA as a Cloud Partner positioned us at the forefront of AI.
We also cemented our position as a global connectivity leader by signing an agreement to land the 2Africa Cable System in Oman. As the world’s largest subsea cable network, this project will enhance connectivity for over three billion people across 33 countries.
Our fintech venture – Ooredoo Financial Technology International (OFTI) – continued to scale successfully, obtaining new PSP licenses and launching its mobile money app branded as ‘walletii by Ooredoo’ in Oman.
Reflecting on the year’s achievements, I take great pride in how Ooredoo has upheld its commitment to excellence – delivering cutting-edge digital solutions, expanding our regional leadership, and maintaining our position as one of the top 50 global telecom brands.
The strength of our strategy is reflected in our brand promise, ‘Upgrade Your World’, as we continue to drive human progress through innovation. With a culture built on collaboration, agility, and ambition, we stand ready to seize the opportunities that lie ahead.
H.E. Sh. Faisal Bin Thani Al Thani
Group Chairman
10 February 2025
Read moreRead less Dear Shareholders,
The disciplined execution of our strategy continued to drive record results and strong shareholder returns.
For the third year in a row, we report strong growth in all key financial metrics, closing 2024 with record-high earnings that surpassed USD 1 billion in Normalised Net Profit for the first time.
In the past four years, the Group has outperformed all relevant regional peers in Total Shareholder Returns. We continue to enhance investor value at the portfolio and OpCo levels, more than doubling Ooredoo’s Return on Equity and tripling our Return on Invested Capital since 2020, with dividends rising by 160%.
In 2024, Ooredoo accelerated its transformation into a telecom and infrastructure powerhouse, with a clear focus on five core verticals - telco operations, towers, data centres, subsea cables, and fintech - each positioned to innovate, scale, and create value. Through our value-focused portfolio, we are capitalising on high-GDP, fast-growing markets, reinforcing our competitive edge.
A testament to investor confidence in our strategic plans, Ooredoo Group raised USD 500 million in October through a historic oversubscribed international 10-year bond issue. We achieved the tightest spread in Ooredoo's history and the lowest for a global telecommunications company on a 10-year bond since 2020.
All these efforts translated into considerable share price growth, outpacing regional peers and reflecting our strong financial and operational performance.
And, while the global industry saw -1.4% CAGR (2020-2024), Ooredoo delivered +2.9% CAGR on a like-for-like basis, ranking among the top 10 global telcos in total shareholder returns for the last 4 years. This year, we announced a historic 18% year-on-year increase in dividends, with a cash dividend of QR 0.65 per share.
Aziz Aluthman Fakhroo
Group Chief Executive Officer
10 February 2025
Read moreRead lessHighlights 2024
Becoming MENA’s leading digital infrastructure provider
Our ambition is bold: to become MENA’s leading digital infrastructure provider, powering next-generation connectivity, AI services, and fintech solutions at scale. We are strategically repositioning Ooredoo as a telecom and infrastructure powerhouse, with a clear focus on five core verticals: telco operations, towers, data centres, subsea cables, and fintech. At the core, we are rapidly innovating - upgrading customer experience, deploying advanced data science, and optimising network operations to deliver growth and efficiency.
Our strategy focuses on five key strategic pillars:
Value-Focused Portfolio
Value-Focused Portfolio
Ooredoo is transforming into MENA’s leading digital infrastructure provider, backed by disciplined execution, strategic investments, and game‑changing partnerships. Our streamlined portfolio allows us to focus capital on high-value, high-growth areas that drive financial performance and long‑term sustainability.
Strengthen the Core
Strengthen the Core
Our core operations continue to optimise their efficiency and effectiveness. These efforts are delivering tangible results on a like-for-like basis.
Evolve the Core
Evolve the Core
As the telecom industry evolves, Ooredoo is seizing new revenue opportunities and driving efficiencies through innovation and strategic partnerships. This approach has fuelled a 70% increase in digital service revenues since 2020.
People
People
Our strategy centres on empowering our people because engaged, skilled employees drive exceptional customer experiences, loyalty, and growth.
Excellence in Customer Experience
Excellence in Customer Experience
We are minimising customer effort by improving digital touchpoints and eliminating friction. Our advanced feedback systems enable us to continuously listen to the ‘voice of the customer’ and act on insights to improve service delivery.
Middle East
South Asia
North Africa
Delivering profitable returns
Ooredoo is a leading digital infrastructure provider in the MENA region, with a dynamic portfolio that gives us exposure to stable cash-generating assets as well as high-growth markets and sectors.
Our telecommunications operations maintain leading positions in the majority of our markets. We are also making significant investments in our infrastructure with new investments in subsea cables, data centres and AI, which will unlock further opportunities for growth.
Qatar
This year’s progress is a testament to Ooredoo Qatar’s dedication to pioneering innovation and sustainability. We’re proud to empower Qatar’s digital journey, transforming how communities connect, thrive, and look toward a promising digital future for all.
Operator importance to Group
6 %
Customers
37 %
EBITDA
30 %
Revenue
19 %
CAPEX
Financial performance
Kuwait
At Ooredoo Kuwait, we are redefining the future of telecommunications by embracing innovation, empowering talent, and delivering unparalleled customer experiences. Our achievements reflect our commitment to transitioning from Telco to Techco, optimizing efficiencies, leading with sustainability, and driving progress for Kuwait.
Operator importance to Group
6 %
Customers
8 %
EBITDA
13 %
Revenue
9 %
CAPEX
Financial performance
Oman
In 2024, Ooredoo Oman continued to navigate a dynamic and competitive market with a clear focus on enhancing customer experience and embracing digital transformation across the nation. Our commitment to innovation and excellence has resulted in some major advancements, including customer-centric services and solutions, rapid 5G expansion, and cutting-edge data centres.
Operator importance to Group
5 %
Customers
11 %
EBITDA
10 %
Revenue
17 %
CAPEX
Financial performance
Asiacell Iraq
Asiacell is shaping Iraq’s digital future with innovation, strong leadership, and a customer-first approach. As the country’s leading telecom provider, we drive technological advancement, enhances connectivity, and empower both businesses and individuals. With a focus on AI, employee development, and corporate responsibility, Asiacell goes beyond telecom to foster economic growth and social impact.
Operator importance to Group
37 %
Customers
24 %
EBITDA
22 %
Revenue
22 %
CAPEX
Financial performance
Algeria
Ooredoo Algeria takes pride in its status as a responsible corporate citizen. Looking ahead, we are poised to strengthen our connection with Algerians, driven by strong financial results, double-digit growth, and promising investments.
Operator importance to Group
29 %
Customers
12 %
EBITDA
12 %
Revenue
14 %
CAPEX
Financial performance
Tunisia
In 2024, Ooredoo Tunisia achieved significant milestones, from launching VOLTE to driving digital inclusion across the country. Looking ahead, we are excited to launch 5G, advancing connectivity and shaping a more innovative and connected future for Tunisia.
Operator importance to Group
14 %
Customers
6 %
EBITDA
7 %
Revenue
11 %
CAPEX
Financial performance
Palestine
As we look to the future, we remain steadfast in our goal of strengthening Ooredoo Palestine’s position. By continuing to innovate, invest in infrastructure, and empower our team, we are confident in our ability to deliver exceptional value to our customers and contribute to the growth and development of Palestine.
Operator importance to Group
3 %
Customers
1.5 %
EBITDA
1.7 %
Revenue
1.2 %
CAPEX
Financial performance
Maldives
Our mission to build a Digital Maldives, powered by AI and innovation, is driven by our commitment to delivering seamless connectivity and fostering progress for communities nationwide.
Operator importance to Group
0.8 %
Customers
2.8 %
EBITDA
2.2 %
Revenue
3.2 %
CAPEX
Financial performance
Qatar
This year’s progress is a testament to Ooredoo Qatar’s dedication to pioneering innovation and sustainability. We’re proud to empower Qatar’s digital journey, transforming how communities connect, thrive, and look toward a promising digital future for all.
Sheikh Ali Bin Jabor Bin Mohammad Al Thani
Chief Executive Officer, Ooredoo Qatar
Customers
(in thousands)
2,988
Operator importance to Group
6 %
Customers
37 %
EBITDA
30 %
Revenue
19 %
CAPEX
Financial performance
Kuwait
At Ooredoo Kuwait, we are redefining the future of telecommunications by embracing innovation, empowering talent, and delivering unparalleled customer experiences. Our achievements reflect our commitment to transitioning from Telco to Techco, optimizing efficiencies, leading with sustainability, and driving progress for Kuwait.
Abdulaziz Yacoub Al-Babtain
Chief Executive Officer, Ooredoo Kuwait
Customers
(in thousands)
2,898
Operator importance to Group
6 %
Customers
8 %
EBITDA
13 %
Revenue
9 %
CAPEX
Financial performance
Oman
In 2024, Ooredoo Oman continued to navigate a dynamic and competitive market with a clear focus on enhancing customer experience and embracing digital transformation across the nation. Our commitment to innovation and excellence has resulted in some major advancements, including customer-centric services and solutions, rapid 5G expansion, and cutting-edge data centres.
Bassam Yousef Al Ibrahim
Chief Executive Officer, Ooredoo Oman
Customers
(in thousands)
2,782
Operator importance to Group
5 %
Customers
11 %
EBITDA
10 %
Revenue
17 %
CAPEX
Financial performance
Asiacell Iraq
Asiacell is shaping Iraq’s digital future with innovation, strong leadership, and a customer-first approach. As the country’s leading telecom provider, we drive technological advancement, enhances connectivity, and empower both businesses and individuals. With a focus on AI, employee development, and corporate responsibility, Asiacell goes beyond telecom to foster economic growth and social impact.
Amer Al Sunna
Chief Executive Officer, Ooredoo Iraq
Customers
(in thousands)
19,127
Operator importance to Group
37 %
Customers
24 %
EBITDA
22 %
Revenue
22 %
CAPEX
Financial performance
Algeria
Ooredoo Algeria takes pride in its status as a responsible corporate citizen. Looking ahead, we are poised to strengthen our connection with Algerians, driven by strong financial results, double-digit growth, and promising investments.
Roni Tohme
Chief Executive Officer, Ooredoo Algeria
Customers
(in thousands)
14,773
Operator importance to Group
29 %
Customers
12 %
EBITDA
12 %
Revenue
14 %
CAPEX
Financial performance
Tunisia
In 2024, Ooredoo Tunisia achieved significant milestones, from launching VOLTE to driving digital inclusion across the country. Looking ahead, we are excited to launch 5G, advancing connectivity and shaping a more innovative and connected future for Tunisia.
Mansoor Rashid Al-Khater
Chief Executive Officer, Ooredoo Tunisia
Customers
(in thousands)
7,033
Operator importance to Group
14 %
Customers
6 %
EBITDA
7 %
Revenue
11 %
CAPEX
Financial performance
Palestine
As we look to the future, we remain steadfast in our goal of strengthening Ooredoo Palestine’s position. By continuing to innovate, invest in infrastructure, and empower our team, we are confident in our ability to deliver exceptional value to our customers and contribute to the growth and development of Palestine.
Dr. Samer Fares
Chief Executive Officer, Ooredoo Palestine
Customers
(in thousands)
1,533
Operator importance to Group
3 %
Customers
1.5 %
EBITDA
1.7 %
Revenue
1.2 %
CAPEX
Financial performance
Maldives
Our mission to build a Digital Maldives, powered by AI and innovation, is driven by our commitment to delivering seamless connectivity and fostering progress for communities nationwide.
Khalid Hassan M A Al-Hamadi
Chief Executive Officer and Managing Director, Ooredoo Maldives
Customers
(in thousands)
405
Operator importance to Group
0.8 %
Customers
2.8 %
EBITDA
2.2 %
Revenue
3.2 %
CAPEX
Financial performance
Environmental, social governance overview
We are vigorously pursuing Environmental, Social and Governance targets to help build a sustainable legacy for all.
Protecting Our Environment
Protecting Our Environment
- Climate and energy
- Resource management
Developing Our People
Developing Our People
- Talent attraction and retention
- Equal opportunities
- Health & safety
Safeguarding Our Customers
Safeguarding Our Customers
- Customer responsability
- Data privacy & security
Creating Ethical Economic Opportunity
Creating Ethical Economic Opportunity
- Governance & ethics
- Risk Managment
- Human rights
- Responsible Supply Chain
Digital Opportunities and Community Care
Digital Opportunities and Community Care
- Digital inclusion & innovation
- Social value creation