Oman and Saudi Arabia Team Up to Boost Tech Startups
In a significant move for technology and entrepreneurship, Oman and Saudi Arabia are collaborating to foster startup growth. The Oman Investment Authority's tech arm, ITHCA Group, has launched a comprehensive plan that includes an accelerator program and a fund to facilitate Omani startups' entry into the Saudi market.
The Bawabat Program
The Bawabat program is a collaborative effort involving:
- ITHCA Group
- Al Jabr, an Omani tech company
- Saudi Arabia's National Technology Development Programme (NTDP)
This six-month program serves as a bridge, helping Omani startups connect with investors and expand into the Saudi market. Startups in the program can receive up to $100,000 from the OTF SCALE Fund.
More Than Just Funding
The program offers:
- Business growth support
- Networking opportunities
- Product testing
"It's more than just support. It's a practical way to help startups enter the Saudi market." Mohammed bin Salem al Wahibi, CEO of al Jabr
Shared Vision for Tech Entrepreneurship
Ibrahim Nimas, CEO of NTDP, emphasized the shared vision among Gulf countries to support tech entrepreneurship. This collaboration aims to:
- Help companies enter new markets
- Connect with investors
- Facilitate growth
Partnership with Vision Ventures
ITHCA Group has also partnered with Vision Ventures, a Saudi venture capital fund. This agreement aims to:
- Support Omani tech companies
- Link them to the regional investment world
"This partnership is a big step. It opens up funding and partnership opportunities." Qais al Issa, CEO of Vision Ventures
Rebranding and Expansion
During the event, ITHCA Group rebranded their 'Idea Stage' fund to OTF SCALE. This fund has already made 36 investments.
"The new name reflects our mission: to elevate ideas, empower entrepreneurs, and accelerate growth." Maha bint Mohammed al Balushi, Director General of Venture Capital Funds Management at ITHCA Group
A Major Step for Entrepreneurs
Eng. Said bin Abdullah al Mandhari, CEO of ITHCA Group, highlighted the significance of these initiatives, stating that they open up new opportunities for entrepreneurs, particularly in the Saudi market.
