Oman Technology Fund to invest $1mn in new startups

By Shilpa Annie Joseph, Official Reporter
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Oman Technology Fund (OTF) has pledged to offer $1 million in funding support for new startups as part of a ‘Pitch Battle’ contest to be held during the upcoming COMEX technology show.

OTF is a state-backed fund specializing in investing in startups and innovative as well as creative ideas in the IT sector in the Sultanate of Oman and the Middle East and North Africa (MENA) region.

An agreement to this effect was signed by Dr. Yousef bin Abdullah al Balushi, Acting CEO of OTF, and Mr. Amr bin Abdullah Baabood, CEO of OITE, organizer of COMEX 2022.

The 31st edition of COMEX, the official technology event of the Sultanate of Oman, will take place from May 23 to 25 at the Oman Convention and Exhibition Centre, Muscat.

This event is one of the leading exhibitions to highlight the digital transformation of ministries, authorities, and companies by showcasing their achievements and opportunities for innovation in technology and their steps towards Oman Vision 2040.

According to the statement, “The expo provides the most engaging and networking platform for youth talent development leaders, learning heads, human resources and business leaders to bridge the gaps and find solutions in several areas of the digital ecosystem, such as AI, Cybersecurity, IoT, Innovation, Drones, Future Mobility, Blockchain, Coding and more, which correspond to the Oman Vision 2040 and the government digital economy goals.”

For the first time, COMEX will have a dedicated zone for startups called COMEX Tech Venture, where many startups from across the region will have the opportunity to showcase their products and services.

With the support of OTF, the COMEX group of events will focus on enhancing the investment opportunities in ICT startups locally and globally within the framework of Oman Vision 2040, as per the statement.

The jury members will select the top 40 startups to exhibit at COMEX and they will compete with the other startups. Only 10 startups will qualify for the finals, which will be presented to the fund’s investment committee to evaluate the possibility of receiving investment from OTF, according to the statement.

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