Phaze Ventures, an Oman-based venture capital firm, and OQ, Oman’s global integrated energy services company, today announced the signing of a Memorandum of Understanding which will see the organisations work closely together to develop, deploy and invest in disruptive energy technologies from across the globe.
The agreement incorporates several areas of collaboration in support of the two organisations’ core missions and brings together Phaze Ventures technology and investment ecosystem with OQ’s global operating platform and industry-leading expertise. The agreement will see the two companies work together in a number of areas including talent development and technology incubation and piloting.
Abdullah Al-Shaksy, CEO and Co-founder at Phaze Ventures, says: “We are on a mission to provide disruptive technology companies with the early-stage investments and strategic support they need to transform traditional industries such as the global energy and logistics sectors.
“This agreement marks an important step on that journey. Strategic partnerships with forward-thinking global players such as OQ allows us to provide innovators with the unique opportunity to develop and deploy their offering and, ultimately, supercharge their growth.”
The agreement follows Phaze Ventures’ partnership with Petroleum Development Oman in 2018 and the launch of the region's first energy-focused startup accelerator program, further solidifying their position as a key player in the future of the regions’ transition.
Despite the current crisis, H1 2020 has seen $659M invested in MENA-based startups, which is already 95% of total funding full-year 2019. Discover more data, including country and industry trends by purchasing our H1 2020 MENA Venture Investment Report.