Muscat, November 7th 2013

The Public Authority for Investment Promotion and Export Development (PAIPED) facilitated the signing of a Memorandum of Understanding (MoU) on Wednesday between Anwaar Majan Investment and Development LLC and Iranian Professor Mojtaba Atarodi for the creation of new traffic safety technology. 

The MoU states that Professor Atorodi, formerly of the highly prestigious Tehran-based Sharif University of Technology, will conduct research on and develop a project related to road safety.

Professor Atorodi's smart device will be installed in cars and is designed specifically to reduce road traffic accidents.  The MoU stipulates that the system will be developed in Oman's Science and Technology Park - a research initiative that will add significant value to Oman's growing science and research community. 

HE Dr. Salem ben Nasser Al Ismaily, PAIPED Chairman said: "We are so pleased to oversee this agreement that will help reduce road traffic fatalities in the Sultanate.  According to the Royal Oman Police, there were over 1,100 fatalities and more than 11,600 injured on Oman's roads in 2012.  This is a tragic reality and would like to see these numbers reduced to zero.  PAIPED's involvement is part of our social responsibility to help protect the safety of those using Oman's roads."

Soud Ba'alawy, Founder and Chief Executive Officer of Anwaar Majan Investment and Development LLC, commented: "In line with Anwaar Majan's vision to contribute to society at large, we are proud to announce this collaboration with Professor Atarodi which we believe will put Oman on the map for providing life-saving road safety technology.  Records show that 1.3 million people die in traffic accidents globally every year and we strongly believe that projects related to road safety in short future will become as intuitive as safety belts are today, together we can save lives."

Professor Mojtaba Atarodi remarked: "I am pleased about the idea that technology can make our lives and that of future generations better.  This device addresses the very serious issue of road traffic safety in Oman and has the potential to save lives each and every day.  Indeed, we are fortunate to have Anwaar Majan Investment and Development interested in our work and together we can protect road users right across the Sultanate and perhaps with that success, take the technology and product to the global market."

PAIPED facilitates inward investment to Oman and promotes the export of local non-oil products and services. In partnership with a network of global representatives, the PAIPED Team is ambitious and passionate about the future and markets Oman as a location where there is a world of possibilities for all businesses.

Anwaar Majan Investment and Development LLC is an Investment house set up with public influence and private sector expertise, to capitalise on matching capital flows to proprietary investments and developments in the Middle East and Africa. The company was formed by Soud Ba'awaly and Al Bashair Investments Co. LLC, a company owned 100% by the government of Oman. 

-Ends-

For press inquiries and images, please contact:
Shaza Taher
TRACCS Public Relations
Telephone: +968 24 649-099
Fax: +968 24 649-088
Email: shaza.taher@traccs.net  

© Press Release 2013