Pakistan-Oman Investment Company, OTF sign deal
MUSCAT: In effort to boost technology and investment cooperation a memorandum of understanding (MoU) was signed by Oman Technology Fund (OTF) Holding Company and PakistanOman Investment Company yesterday.
The purpose of the MoU is to explore potential areas of collaboration in developing new technology and by investing in technology startups in the Sultanate, as well as in Pakistan. The MoU was signed by Yahya bin Said Al Jabri, Chairman of Pakistan-Oman Investment Company and Eng. Yousef bin Ali Al Harthy, CEO of Oman Technology Fund (OTF).
Launch
Yahya bin Said Al Jabri, Chairman of Pakistan-Oman Investment Company, noted, “We commend the launch of the Oman Technology Fund as an innovative investment vehicle that will help us achieve our development objectives to grow the ICT sector and the Oman Economy as whole. This comes in the midst of the Government’s diversification strategy that is focused on the spread of utilisation of technology in industry and a connected digital society. This has been identified as key development area for Oman and a significant driver towards an increasingly diversified national economy”.
High-value
Bahauddin Khan, CEO of Pakistan-Oman Investment Company, said that this MoU will explore partnerships in new high-value and high-growth areas, including collaboration on new technology products, e-Services, and advanced technologies to create and enhance the overall digital eco system that encourages the development of tech entrepreneurship in both the Sultanate as well as in Pakistan.Yousef bin Ali Al Harthy, CEO of OTF said: “We are proud to partner with one of the most dynamic and innovative and leading investment companies in the region.
Technological investment
“As part of the MoU, the Oman Technology Fund and PAK OMAN will work together to promote and invest in the creation of new technological investment offerings and help entrepreneurs accelerate their business regionally and internationally. Oman is increasingly adopting more digital solutions across various business verticals and we are very excited to be part of this growth”.
OTF was launched last October to invest in high growth potential technology startups companies in Oman and internationally. OTF will invest in related incubator and accelerator micro-funds and local, global VC funds.