Oman ranks 6th in tech investments in MENA region

By: ONA / Muscat Daily


SOURCE: Muscat Daily - Man ranks 6th in tech investments in MENA region

Oman ranked sixth in the Middle East and North Africa (MENA) region in technology investments according to MAGNiTT report for 10th World Economic Forum on MENA.

The report stated that the investments of Oman Technology Fund (OTF) increased from three per cent in 2017 to six per cent by the end of 2018 due to great efforts of OTF and its investment programmes investing in tech startups in Oman and Middle East.

OTF is a specialised fund for investing in startups and innovative and creative ideas in the IT sector in Oman and MENA region. It runs three investment programmes. The fund has invested in more than 45 tech startups in last two years and is looking forward to invest more in 2019.

Yousef al Harthy, CEO of OTF said, “This report reflects OTF’s hard work represented in its three investment programmes – OTF Techween, OTF Wadi Accelerator and OTF Jasoor Ventures – supported by OTF’s board members and team. In the coming years, we will have higher demand for tech investments especially with our facilities provided, investment capacity increased and tools and diversified ideas.”

“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 and training them in technology and business.

“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,” Harthy said.