Muscat: Oman has ranked 6th Arab country regionally in tech investments according to MAGNiTT report for 10th World Economic Forum on MENA.
The report states that the investments of Oman Technology Fund (OTF) increased from 3 per cent in 2017 to 6 per cent by end of 2018 due to great efforts of OTF and its investment programmes investing in tech startups in Oman and Middle East. OTF has invested in more than 45 tech startups last two years and looks forward to spend more investments in 2019.
Yousef al Harthy, CEO of OTF said, “This report reflects OTF’s hard work represented in its 3 investment programmes (OTF Techween, OTF Wadi Accelerator and OTF Jasoor Ventures), which supported by OTF’s Board members and team. In coming years, we will have higher demand for tech investment especially with our facilities provided, investment capacity increased and tools and ideas diversified.”
“We target tech startups in different stages as per OTF’s plan to provide suitable environment to help developing product with market. Investment programmes do not only provide spaces and facilities but also make financial investment, give continuous training and introduce local and international experts to develop startup tech projects,” he added
“OTF invests in tech startups by supporting, guiding, mentoring and training them in technology and business. By doing so, we cooperate with global institutions to transfer knowledge related to products development, customers approaching and investors pitching. This will provide promising opportunities for Omani tech entrepreneurs and inventors to cooperate with foreign tech entrepreneurs in a way that integrates Omani youth with the globe through joint work and meetings in conferences and seminars,” Al Harthy said.
“OTF has a professional team of diverse skills, competences and experiences that will help in achieving the Fund’s aims. We already did achieve a lot despite of our few members who certainly proved their high capability and competence,” he added.
OTF is a specialised fund in investing in startups and innovative and creative ideas in the IT sector in Oman and MENA region. It runs three investment programmes. --ONA
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