With telecom operators across emerging markets under pressure to diversify revenue streams and reduce reliance on infrastructure-heavy models, Pakistan's telecom sector is beginning to show signs of strategic recalibration.
"The future of telecom won't be built on towers; it will be built on how quickly we adapt and the ecosystems we enable around connectivity," said Farrukh H Khan, Chief Financial Officer of Jazz.
Khan's remarks come in the wake of a major domestic merger and acquisition (M&A) transaction – Jazz's sale of its tower infrastructure to Engro Corporation. Internally known as the Deodar Project, the deal involved the transfer of Jazz's passive tower assets to Engro while maintaining long-term access through leaseback arrangements. "It wasn't just a sale; it was a strategic unlock," Khan said. "We freed up our balance sheet to invest in what's next – platforms, not pylons."
The transaction, completed last year, has freed up capital that Jazz is now directing into high-growth digital verticals including fintech, enterprise solutions, entertainment, healthtech, insurtech and digital self-care. Khan said the pivot reflects a broader global shift, particularly in markets where telecom operators face rising operational costs, declining voice revenues and growing digital demand.
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