News

Oman ICT Group Signs Agreements to Expand Its Investment Portfolio

17 December 2021

Muscat, Oman Information and Communication Technology Group (Oman ICT) today held its annual meeting during which it signed five agreements to expand its investment portfolio and boost the ITC sector in the Sultanate.

The first agreement, inked with Rahal company, provides for the development of artificial intelligence products and data and investment in Omani human resources in the Sultanate of Oman.

The second agreement, signed with Usus company, seeks to empower the development of digital solutions and enhance clouds services.

Oman ICT signed the third agreement with Phaze Ventures to expand the base of private sector investment capital in the Sultanate of Oman.

The fourth agreement was signed with Blockchain company to share Oman ICT quota and become a commercial partner with Omantel, with the aim of developing technical resources, blockchain and nascent techniques.

The fifth agreement, signed jointly with Onsor Technologies firm, Blockchain Solutions and Services company and Momkin company, an affiliate of Omantel, targets the establishment of a working framework for the Internet of Things in Oman.

HH Sayyid Kamil bin Fahd Al Said, Board Chairman of Oman ICT, said that the group was founded in 2019 and was substantiated by various investments from Oman Investment Authority. The investments were restructured to raise the efficiency of the group, he added.

In the next stage, Oman ICT will focus on techniques of the fourth Industrial Revolution (4IR), as well as investment in relevant strategic projects, among them the Digital Transformation Project, which is accorded the attention of His Majesty Sultan Haitham bin Tarik, said HH Sayyid Kamil. He explained that the project will be implemented in cooperation and partnership with the Ministry of Transport, Communications and Information Technology.

Meanwhile, Eng. Said Abdullah Al Manthri, CEO of Oman ICT, said that a strategy has been endorsed to make Oman ICT an investment arm of the government acting in cooperation with the private sector. It will implement ICT and 4IR initiatives, he added.

At the meeting, Onsor company launched its most modern security system codenamed “Taras” (meaning barricade), as well as the Oracle centre for advanced cloud service infrastructure in the Sultanate of Oman. In the meantime, Oman ICT announced the foundation of a digital transformation company and the start of operations on the first broadband project in partnership with the private sector that envisages expanding the fiber optic network by the addition of nearly 30,000 residential units.

Source: https://omannewsgazette.com/oman-ict-group-signs-agreements-to-expand-its-investment-portfolio/


Related News

Female Taxi pilot to be launched in Muscat
A 'Female Taxi' service, to be operated by female drivers only, will be launched on a trial ...
13 January, 2022
Sohar International’s Investment Banking provides Equity Capital Advisory Services to Akeed to raise USD 2.5 million
 Sohar International has acted as the financial adviser to the popular on-demand delivery servi ...
15 December, 2021