Oman Technology Fund (OTF) has signed a memorandum of understanding (MoU) with Pak Oman Investment Co. to explore potential areas of collaboration in developing new technologies and by investing in technology startups in the sultanate as well as in Pakistan.
OTF was launched in October 2016 to invest in high growth potential technology startups companies in Oman and internationally. The fund invests in related incubator and accelerator micro-funds and also in local and global venture capital funds.
The MoU was signed by Yahya al Jabri, chairman of Pak Oman Investment Co., and Yousef al Harthy, the CEO of OTF.
Al Jabri said, “We commend the launch of the OTF as an innovative investment vehicle that will help us achieve our development objectives to grow the ICT sector and the Omani economy as whole. This comes in the midst of the government’s diversification strategy that is focused on the spread of utilisation of technology in industry and a connected digital society. This has been identified as key development area for Oman and a significant driver towards an increasingly diversified national economy.”
Bahauddin Khan, CEO of Pak Oman Investment Co. said, “The MoU will explore partnerships in new high-value and high-growth areas, including collaboration on new technology products, e-services and advanced technologies, to create and enhance the overall digital ecosystem that encourages the development of tech entrepreneurship in both Oman and Pakistan.”
Harthy added, “We are proud to partner with one of the most innovative and leading investment companies in the region. As part of this MoU, OTF and Pak Oman Investment Co. will work together to promote and invest in the creation of new technological investment offerings and help entrepreneurs accelerate their business regionally and internationally. Oman is increasingly adopting more digital solutions across various business verticals and we are very excited to be part of this growth.”