Oman’s Startup Opportunity
The Sultanate of Oman is gearing up to turbocharge its small-to-medium-sized (SME) ecosystem.
While the Gulf state has not been traditionally known for its wealth of startup programmers, Oman’s newly laid Vision 2040 is helping to accelerate the country’s plans to become a global tech and SME hub.
Released during the Oman 2040 Future Vision National Conference in January this year, the draft plan envisages the development of a competitive, globally connected private economy. In its ambitious long-term vision, Oman places specific emphasis on SMEs and the non-hydrocarbons sector. By 2040, Oman plans to transform its oil versus nonoil gross domestic product (GDP) split from 40/60 percent to 15/85 percent, according to official figures.
This trend is forecast to continue until 2040 when hydrocarbons are expected to account for just seven percent of Oman’s GDP.
Link: https://www.wamda.com/2020/01/omans-startup-opportunity
Oman’s Phase Ventures launches $30 million fund to support early-stage startups
- Oman-based VC firm Phaze Ventures has launched its $30 million venture capital fund, targeting early-stage startups in Mena, Europe, and North America.
- Founded in 2018 by Abdullah Al-Shaksy, Mohammed Al-Wahaibi, and Masoud Al-Rawahi, Phaze Ventures
aims to fund early-stage tech-focused startups in the region and internationally. - The firm’s existing investments include eMushrif, Carzaty, and Voyager.
- The fund launches with commitments from Omani investors, including Oman Information and
Communications Technology Group (part of the sovereign wealth fund of Oman), Ominvest, and several family offices.
Future Fund Oman launched
The Oman Investment Authority has officially launched Future Fund Oman to attract
foreign investment and boost investments in local small and medium-sized enterprises (SMEs).
The fund has a capital of 2 billion Omani Rials (OMR) to be used over a five-year period at OMR 400 million per year. It will allocate 90% of its capital to new or existing projects. Of the remaining 10%, 7% will be allocated to SMEs and 3% to startups.
Link: https://www.fm.gov.om/future-fund-oman-launched/
Leading Sub-Sectors Opportunities
Training and workforce development: Oman has expressed aspirations to develop a center of excellence with a specific focus on SME mentoring and support and is seeking to form partnerships with global technology organizations. E-government services: The MTCIT manages the government network and cloud and is heading efforts to increase e-government services. In 2022, MTCIT launched a digital transformation program with an estimated investment of $442 million to improve government e-services and digital infrastructure. Data centers: In line with the Digital Oman Strategy, businesses are increasingly migrating toward cloud computing, creating commercial opportunities to establish data centers. Oman Data Park is an example of a joint venture between the government-owned telecommunications company Omantel and another private sector company. Growth in e-commerce is increasing the demand for cloud services and data centers, along with collaboration between the government and private sectors in these areas. In December 2022, MTCIT signed a MoU with Amazon Web Services to launch joint cloud data service centers.
Link: https://www.trade.gov/country-commercial-guides/oman-information-and-communication-technology-ict
