Plan to launch venture capital fund to support startups
HH Sayyid Bilarab bin Haitham al Said, Honorary President of the Programme of Omani Promising Startups (POPS), on Monday chaired the first meeting of the programme’s Supervisory Committee this year. The meeting was attended by representatives of government departments and Omani startups.
The committee discussed the initiatives implemented during 2023 and plans to empower the startup sector. The initiatives cover many objectives, including the propagation of the culture of entrepreneurship, studying innovative solutions provided by startup companies, exploring technical opportunities for accelerating the growth of startups and advising owners of emerging firms about ways to maintain the firms’ sustainability.
The committee looked into the outcome of an analytical study about the startup climate in the Sultanate of Oman. The study dealt with the progress through the government’s support for startups. It also discussed the challenges facing the growth and sustainability of startups.
The committee focused on support for startups that capitalises on technology and innovation. It elaborated on ways to raise the number of startups and enhance the business environment.
The meeting also discussed the launch of a venture capital fund under the purview of Oman Future Fund aimed to elicit ideas of innovators and startup owners and to attract investors. The fund seeks to provide financial support to technology-based companies and to expand their services within Oman, both through innovative financing and conventional financing methods.