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Oman launches $200m tech start-up fund

MUSCAT, October 25, 2016

Oman has launched a new technology-focused venture capital fund with an initial investment of $200 million to support emerging technology enterprises in the Sultanate and the wider region, a report said.

Set up by Oman Investment Fund (OIF), Oman Technology Fund (OTF) has invested in three micro-funds in partnership with three globally recognised venture capital firms, who operate as seed capital investors and start-up accelerators for high growth technology enterprises, reported Oman Tribune.

The partnerships let these funds leverage extensive investor and technology mentorship experience, with each partner investing into the micro-funds as exclusive founding partner.

The three partner organisations are; Atlantic Bridge Capital, based in Ireland, 500 Startups, based in Silicon Valley, US, and Techstars Ventures, who are based in Boulder Colorado, US, the report said.

“OTF has been established with the aim of positioning Oman as a leading Tech Hub in the Middle East, and to achieve this by investing in emerging high growth potential tech enterprises in the wider region and Oman,” Sheikh Hassan Al Nabhani, CEO of OIF was quoted as saying in the report.

“The fund will also actively work to attract regional startups to relocate their operations to Oman, boosting our knowledge based economy, growing the ICT sector in Oman and providing greater opportunities for citizens to work within this high value sector,” he added.

The fund will identify and work to support high growth potential tech entrepreneurs and startups from emerging regional ecosystems such as Pakistan, Iran, Eastern Africa, Egypt and Jordan, as well as Oman, the report said.




Tags: Start-ups |

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