Muscat, APRIL 9 - The MAGNiTT report, published against the backdrop of the 10th World Economic Forum in the MENA region, has ranked Oman sixth in the Arab region in tech investments. Tech investments have increased from 3 per cent in 2017 to 6 per cent by the end of 2018 due to great efforts of the Oman Technology Fund (OTF) and its investment programmes in supporting tech startups in Oman and the Middle East. OTF has invested in more than 45 tech startups over the last two years and looks forward to boosting its investments in 2019, OTF said in a media statement.
Yousif al Harthy (pictured), OTF CEO, said: “This report reflects OTF’s hard work represented in its three investment programmes (Techween, Wadi Accelerator and Jasoor Ventures) supported by OTF’s board members and team. In the 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 per OTF’s plan to provide a suitable environment to help develop marketable products. 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 start-up tech projects,” Al Harthy said.
He further 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.”
OTF is a specialised fund that invests in startups and innovative and creative ideas in the IT sector in Oman and the MENA region.
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