Operating groups in MENA reported strong results in 1H 2022 due to economic recovery and high oil prices
"The economic rebound and the growing demand for connectivity benefitted MENA-based operators in 1H 2022."
e& (formally Etisalat group) was the only major operating group in the Middle East and North Africa (MENA) that reported a year-on-year decline in revenue in USD terms in 1H 2022. Revenue returned to growth for Omantel and Zain in 1H 2022 after declining in 2021, and Ooredoo and stc continued to perform strongly.
Economic recovery and the growing demand for data connectivity and business ICT services underpinned most of the revenue growth of these operating groups in 1H 2022. These positive conditions put the groups in a strong position to accelerate their global expansion plans.