Qatari telecommunications company Ooredoo announced plans on Monday to carve out its portfolio of tower infrastructure and explore strategic options that will unlock capital.

In a statement on the Qatar Stock Exchange, the telecoms company said the plan is in line with its strategy to shift towards an asset-light model.

Ooredoo has about 20,000 towers across the countries where it operates. "This transaction will allow the company to work on a deal that is suitable for target markets, attract third tenant business and create efficiencies," the company said.

Other Gulf telecom companies have been divesting from tower assets in a bid to reduce costs. Earlier this year, Saudi's Public Invetment Fund (PIF), along with Prince Saud bin Fahad and Sultan Holding Co., made an offer to acquire Zain KSA's tower infrastructure, valuing them at $807 million.

According to Reuters, Omantel in 2021 sold 2,890 towers in the country to Helios Towers for $575 million. In 2019, Saudi Telecom spun out its more than 15,000 towers into a new subsidiary called Tawal. Kuwait's Zain sold 1620 telecom towers to IHS Holding for $130 million in 2020.

(Reporting by Brinda Darasha; editing by Cleofe Maceda)