Oman sets up $200 million tech start-up fund
Oman sets up $200 million tech start-up fund
Oman has set up the start-up accelerator fund in order to position itself as the tech capital of the Middle East in the future.
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The Omani fund aims to invest in the future of Middle Eastern technology [Getty]
The Omani government has launched a $200 millionc investment fund specifically for tech start-ups in the Middle East and across the world.
The Oman Investment Fund (OIF), a government-owned investment vehicle, established the Oman Technology Fund (OTF) on Sunday with the long-term view of investing in the technology of the future.
The fund will be managed by Yousuf al-Harthi, who has worked as managing director of Omani IT consultancy, Infoshield for the last twenty years.
The group will also receive oversight from Sheikh Ahmad al-Nabhani, CEO of the OIF. The chairman of the fund will be Talal Sulaiman al Rahbi, deputy secretary general of the Supreme Council for Planning.
“Through its micro funding arm, OTF sees its role as being a bridge between entrepreneurs and investors; acting as a springboard or accelerator that can take ideas to the next level,” said Harthi.
The fund will create funding opportunities in addition to business spaces where developers can work and network.
“The OTF and the micro funds will set up a Knowledge Oasis where entrepreneurs will be invited to base themselves, and then have access to a complete range of expertise and advice.”
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