DOHA: Flush with a liquidity buffer of nearly QR14.8 billion in cash and QR5.5 billion in undrawn bank facilities – totaling QR2.3 billion, the Qatari telecoms giant – Ooredoo. is quietly armed with $5.58 billion in deployable firepower- and it’s raising eyebrows across the region.
“Such a balance sheet isn’t accidental. It often signals intent,” an investment expert from Qatar told businessbenchmark.news.
Is Ooredoo preparing to pounce?
That’s the question analysts and sector watchers are beginning to ask as the telecom group continues to steer its portfolio towards infrastructure-heavy, high-return verticals. The capital build-up comes even as its net-debt-to-EBITDA ratio remains well below target, at just 0.7x, giving it enormous headroom to borrow if needed.
And while the company has so far stayed quiet on any imminent acquisition plans, its actions suggest it is laying the groundwork for something larger.
Here’s why
Ooredoo is in the middle of splitting into verticals – separating its tower assets, data centre business, subsea cable operations, and fintech arm into standalone units. The company has already teamed up with Iron Mountain for its hyperscale data centre business under the Syntys brand, signaling readiness to scale fast.
In the tower space, Ooredoo joined forces with Zain and TASC to create the region’s largest independent tower company- a move that could free up capital and open M&A opportunities in digital infrastructure.
Add to that the regional context; Middle East telcos are racing to diversify – from cloud to fintech, and from AI-enabling infrastructure to cross-border payments. In this race, cash is king – and Ooredoo may have just the right amount to crown itself.
“The war chest is too big to sit idle,” one MENA telecom strategist told businessbenchmark.news, noting that valuations in digital infra remain attractive across emerging markets.
That said, Ooredoo hasn’t historically led high-profile takeovers. Its strategy has leaned more towards strategic partnerships and spin-offs, like the ones with Indosat in Indonesia or the more recent Syntys collaboration. But with liquidity this high and leverage this low, the next chapter could well involve M&A.
“If and when it happens, it won’t be a surprise. The signs are already there.”
