Oman Technology Fund Tops MENA Region in Bold Investment
Muscat, Jul 6 (ONA) – Oman Technology Fund (OTF) took first place in Middle East and North Africa (MENA) region in terms of bold investment in specialized startup firms.
Oman’s rating was quoted in MAGNiTT investment analysis institution, which recently reported its findings on entrepreneurial performance of MENA countries during the second quarter of 2020, said Eng. Yousef bin Ali al-Harthy, CEO of Oman Investment Fund.
Oman also sustained its fourth regional rank in technical investments, based on the Sultanate’s investments during the first half of 2020. Its investments stood at 31, among them Takween Oman, a precipitation programme codenamed Misra’at Al-Wadi (Valley Precipitation) and Jusoor which stems from OTF.
The fact that OTF scored higher than counterparts in the MENA region, in MAGNiTT rating, reflects the extensive efforts undertaken by the fund through its investment in powerful tech firms across various innovation sectors, said al-Harthy, adding that the achievement also stands testimony to OTF’s ability to expand regionally, on course to globalization.
Al-Harthy explained that, during the first quarter of 2020, the OTF focused on activating the RO1 million initiative through which investment was made in tech-savvy platforms and apps meant to help curb the spread of coronavirus (Covid-19) pandemic while at the same time limiting chances of society individuals’ mingling with each other, generating new employment opportunities for job-seekers and lending support, funding and guidance to those who need it most. —- Ends/AB/KH