Oman Technology Fund invests $50mln in MENA – Al Balushi

Oman Technology Fund invests $50mln in MENA – Al Balushi

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