ITHCA expands investments to drive tech innovation
Published: 04:06 PM,Jun 13,2024 | EDITED : 08:06 PM,Jun 13,2024
Illustrative image showcasing ICT (Information and Communication Technology) concept.
MUSCAT: Strategic investments by ITHCA, the tech investment arm of Oman Investment Authority (OIA), have continued to grow both within and outside Oman. OIA’s 2023 Annual Report has outlined a sizable list of such investments last year. Notable is the Oryx Venture Capital Fund, which aims to invigorate technology startups across the Middle East and North Africa by providing early-stage companies with necessary capital, while the Cyfer Venture Capital Fund focuses on channeling resources into promising technology companies to drive sector advancements.
ITHCA has expanded its footprint outside Oman through initiatives like Rehal in Saudi Arabia, enhancing electronic services and smart solutions, and Onsor Technology's partnership with Zspace to develop and export 3D technology content, reinforcing ITHCA's commitment to global innovation.
A notable acquisition is a 23 per cent share in InnoTech, which underscores ITHCA's commitment to leveraging 3D printing technologies in real estate development. InnoTech's expertise in 3D printing is expected to revolutionize construction methodologies, offering sustainable and efficient building solutions. Another critical investment is in eMushrif, a company that develops innovative safety solutions for monitoring school buses and patients using Internet of Things (IoT) technologies. This not only supports local innovation but also addresses essential safety concerns within the community.
Furthermore, ITHCA has expanded its footprint in the semiconductor industry through GSME by establishing a technical semiconductor design center in Muscat. This initiative has led to the design of Oman-1 and Oman-2 silicon chips by Omani engineers, marking a significant milestone in Oman's technological advancement.
Outside Oman, ITHCA's strategic investments continue to make an impact. Rehal's expansion into the Saudi market aims to enhance electronic services, information technology, and smart solutions. The partnership with the American company Zspace through Onsor Technology focuses on developing and exporting 3D technology content, showcasing ITHCA's commitment to global innovation.
InnoTech has also entered the Saudi market, broadening its reach and impact. Another significant move is AirGo's entry into the Saudi market through an investment agreement with a venture capital firm. Lastly, the Jusoor 2 Fund has updated its business plan with a joint capital of OMR 60 million between Abu Dhabi Development Holding Company and ITHCA Group. This fund is dedicated to investing in advanced and startup technologies, further strengthening Oman's position in the global tech arena.
These strategic investments by ITHCA, both within and outside Oman, are pivotal in driving innovation, supporting technological advancements, and fostering a robust startup ecosystem. By focusing on diverse sectors such as venture capital, 3D printing, IoT, and semiconductors, ITHCA is paving the way for a technologically advanced and economically resilient future.
ITHCA has expanded its footprint outside Oman through initiatives like Rehal in Saudi Arabia, enhancing electronic services and smart solutions, and Onsor Technology's partnership with Zspace to develop and export 3D technology content, reinforcing ITHCA's commitment to global innovation.
A notable acquisition is a 23 per cent share in InnoTech, which underscores ITHCA's commitment to leveraging 3D printing technologies in real estate development. InnoTech's expertise in 3D printing is expected to revolutionize construction methodologies, offering sustainable and efficient building solutions. Another critical investment is in eMushrif, a company that develops innovative safety solutions for monitoring school buses and patients using Internet of Things (IoT) technologies. This not only supports local innovation but also addresses essential safety concerns within the community.
Furthermore, ITHCA has expanded its footprint in the semiconductor industry through GSME by establishing a technical semiconductor design center in Muscat. This initiative has led to the design of Oman-1 and Oman-2 silicon chips by Omani engineers, marking a significant milestone in Oman's technological advancement.
Outside Oman, ITHCA's strategic investments continue to make an impact. Rehal's expansion into the Saudi market aims to enhance electronic services, information technology, and smart solutions. The partnership with the American company Zspace through Onsor Technology focuses on developing and exporting 3D technology content, showcasing ITHCA's commitment to global innovation.
InnoTech has also entered the Saudi market, broadening its reach and impact. Another significant move is AirGo's entry into the Saudi market through an investment agreement with a venture capital firm. Lastly, the Jusoor 2 Fund has updated its business plan with a joint capital of OMR 60 million between Abu Dhabi Development Holding Company and ITHCA Group. This fund is dedicated to investing in advanced and startup technologies, further strengthening Oman's position in the global tech arena.
These strategic investments by ITHCA, both within and outside Oman, are pivotal in driving innovation, supporting technological advancements, and fostering a robust startup ecosystem. By focusing on diverse sectors such as venture capital, 3D printing, IoT, and semiconductors, ITHCA is paving the way for a technologically advanced and economically resilient future.