Revolution of Things — ITHCA Group Annual Report 2024.
A transformative year of focused investment in IoT, AI, drone manufacturing, 3D printing, semiconductors, and the digital infrastructure enabling Oman Vision 2040.
Leadership message
In 2024, ITHCA Group continued its mission to strengthen the Sultanate’s ecosystem by pursuing strategic and focused investments in emerging technologies, building partnerships with domestic and international partners, and nurturing Omani talent.
Performance
Financial performance in 2024
The Group recorded a strong financial turnaround in 2024. Consolidated revenues rose to OMR 56.8 million, EBITDA attributable to ITHCA Group shareholders increased to OMR 28.4 million, and total assets reached OMR 428.6 million.
56.8M
Consolidated revenue
28.4M
EBITDA
428.6M
Total assets
Consolidated revenue (OMR, millions)
A three-pillar investment role
ITHCA Group’s strategy is built on three pillars: investor, orchestrator, and manager. The Group creates economic value through sustainable long-term portfolio returns, boosts the local ICT ecosystem through targeted efforts, and drives the growth and financial sustainability of portfolio companies.
Projects, investments and key developments
$8M
Investment for a 34.25% stake in GS Microelectronics U.S. Inc., enabling Oman’s first semiconductor design center and the launch of Oman-1 and Oman-2 chips.
$180M
Jasoor Ventures launched with ADQ and Oman Investment Authority, with ITHCA Group committing $25 million to high-growth regional technology sectors.
$2.9M
Investment for an 11.6% stake in Mubashir, Oman’s leading digital advertising network using emerging technologies to improve customer experience.
99%
Omanisation across the Group and subsidiaries, alongside more than 90 young Omanis trained through the Tamkeen programme.
Future vision
In 2025, ITHCA Group will continue strategic divestments while enhancing its investment portfolio in emerging technologies, cloud services, digital transformation, and broadband expansion. The Group will refine its strategy to drive ICT sector growth through ecosystem development, venture capital, and strategic projects in areas including HealthTech, semiconductors, AI, IoT, Blockchain, FinTech, and BioTech.
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Previous reports
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2023
Executive Summary 2023
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2022
Executive Summary 2022