The State General Reserve Fund (SGRF), Oman Oil Company, the Research Council and Omantel have launched the first equity-based venture capital firm Innovation Development Oman Holding (IDO) in Oman with initial capitalisation of RO50 million ($129 million), a report said.

Ibtikar Development Oman (IDO) will invest equity capital in world class start-ups, reported Oman Observer.

“We are beginning to look at a few potential projects, but not have identified anything for a pilot one so far. We want to make good investments and not putting forward a target is important,” Constantine Demetriou, managing director, IDO, was quoted as saying in the report.

IDO, majority owned by SGRF with 60 per cent of the shares, will be used to invest and nurture start-ups that will benefit the broader Omani economy. Oman Oil will have 35 per cent share, while Omantel will have a five per cent share.

Abdulsalam bin Mohammed al Murshidi, CEO, SGRF, said: “The knowledge-based economy is considered one of the goals that will progress the socio-economic level of the Sultanate, and will support the diversification of the national economy. IDO will put Oman on the map of international technology investment, creating benefits in terms of greater international interest in the Omani economy.”