Total investments of Oman Technology Fund (OTF) in the Middle East and North Africa (MENA) region exceeds $50 million at the moment, member of the board of directors of OTF, including ITHCA Group, Yousef bin Abdullah Al Balushi, told Mubasher.
Al Balushi revealed that this value represents 20% nearly of the fund’s total existing investments, highlighting that the fund's investments in Gulf countries account for 20% of the total value.
Al Balushi remarks were made during GITEX GLOBAL, taking place from 10 to 14 October 2022 at the Dubai World Trade Centre (DWTC). The world’s largest tech show features every major technology player, trend, and vertical, and it covers sectors, including smart cities, cybersecurity, data economy, mobility, healthcare, and telecoms.
Over the coming period, the OTF intends to direct additional investments worth millions of dollars to the technology sector through Oman-based investment funds in collaboration with the UAE and Saudi Arabia.
Al Balushi further reiterated that the OTF continues the evaluation stages to compete to invest in $1 million start-up companies at GITEX Global.
ITHCA Group, along with affiliates, will participate in GITEX GLOBAL 2022 show, which features 5,000 tech companies. In addition, they will participate in the North Star Dubai Exhibition, which is one of the world's largest events focused on start-ups.
The ITHCA Group was founded by the OTF to contribute to a sustainable and diversified economy.
In 2016, Oman launched its first-ever technology-specialised investment fund with a core capital of $200 million.
The OTF operations focus on defining futuristic ideas in the technology sector. The Oman-based fund has three investment projects; investment in the early stage of ideas, the acceleration stage, and the growth phase. OTF aims to become the region's innovation hub and position Oman as the preferred destination for national and international entrepreneurs.