MUSCAT: The Omani digital procurement platform SafaQat — meaning “Deals” — has successfully closed a funding round with Future Fund Oman and Idrak Group, signalling growing investor confidence in homegrown tech ventures that support the Sultanate of Oman’s digital economy goals.
Supervised by the Small and Medium Enterprises Development Authority (Riyada), SafaQat is a pioneering venture launched by four brothers — Majed, Sulaiman, Ibrahim and Al Moatasem al Saifi — from the Wilayat of Nizwa. The idea for the platform was born during the Covid-19 lockdowns, initially inspired by the simple act of exchanging quotations through messaging apps, which revealed market readiness for a streamlined digital solution.
The brothers used their combined expertise, particularly in tendering, to develop a comprehensive and competitive digital platform. Each of them managed a core function based on their respective specialisations, contributing to the project’s structured growth. According to co-founder Al Moatasem, SafaQat faced several early-stage hurdles, notably in building market trust and shifting user behaviour. However, the team tackled these through adaptive development, user feedback and by demonstrating the platform’s flexibility and value to institutions.
Al Moatasem described the investment from Future Fund Oman and Idrak Group as a strategic milestone, saying the support goes beyond financial backing. “These partners believe in the vision of investing in Oman’s future economy and in empowering Omani youth”, he said.
The new capital will be used to enhance SafaQat’s technical infrastructure, improve the user experience, recruit local talent, expand services to the public sector and support regional and international expansion.
To date, SafaQat has recorded 2,486 users, 1,260 tenders and procurement opportunities; and 2,784 registered suppliers and companies, reflecting its fast-growing presence in Oman’s digital procurement landscape.
The platform has earned multiple accolades, including second place in the Omani Startup Accelerator’s live pitch, recognition as the Best Growing Company and top rankings among Omani e-commerce stores. It also won in the Jadarah 2024 initiative. SafaQat has represented Oman at major regional and global events such as Comex 2024, Biban 24 in Riyadh, the Web Summit in Doha; and LEAP 25 in Saudi Arabia, further reinforcing its position as a key national tech player.
Built with smart tools such as real-time dashboards, bidding algorithms and automated alerts, the platform is currently working on AI-based bid analysis and price forecasting tools, aligning with Oman’s digital transformation objectives. Beyond business, SafaQat has launched social initiatives to train jobseekers as sales representatives through online practical courses, helping create self-employment pathways. It also offers free registration, technical support and awareness programmes for small and medium enterprises (SMEs), contributing to a more inclusive digital economy. — ONA
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