ITHCA, the tech investment arm of Oman Investment Authority (OIA), has been making strategic investments that continue to expand both within and outside Oman. The 2023 Annual Report of OIA highlights a significant number of these investments from last year. One of the noteworthy investments is the Oryx Venture Capital Fund, which is dedicated to supporting technology startups in the Middle East and North Africa by providing them with essential capital during their early stages. Additionally, the Cyfer Venture Capital Fund focuses on directing resources towards promising technology companies to drive advancements in the sector.
ITHCA's presence has extended beyond Oman through initiatives such as Rehal in Saudi Arabia, which focuses on enhancing electronic services and smart solutions, and Onsor Technology's collaboration with Zspace to develop and export 3D technology content. These efforts underscore ITHCA's dedication to fostering global innovation.
A significant acquisition made by ITHCA is a 23 per cent stake in InnoTech, emphasizing the organization's commitment to utilizing 3D printing technologies in real estate development. InnoTech's expertise in 3D printing is anticipated to transform construction methods, offering sustainable and efficient building solutions. Another important investment is in eMushrif, a company that specializes in developing innovative safety solutions for monitoring school buses and patients using Internet of Things (IoT) technologies. This investment not only promotes local innovation but also addresses crucial safety issues within the community.
Furthermore, ITHCA has extended its presence in the semiconductor industry through GSME by establishing a technical semiconductor design center in Muscat. This endeavor resulted in the creation of Oman-1 and Oman-2 silicon chips by Omani engineers, signifying a significant achievement in Oman's technological progress.
Beyond Oman, ITHCA's strategic investments are making a difference. Rehal's expansion into the Saudi market is geared towards improving electronic services, information technology, and smart solutions. The collaboration with the American company Zspace via Onsor Technology is focused on the development and export of 3D technology content, demonstrating ITHCA's dedication to global innovation.
InnoTech has also made its way into the Saudi market, expanding its influence. Another notable development is AirGo's entrance into the Saudi market through an investment deal with a venture capital firm. Lastly, the Jusoor 2 Fund has revised its business strategy with a combined capital of OMR 60 million from Abu Dhabi Development Holding Company and ITHCA Group. This fund is committed to investing in advanced and startup technologies, reinforcing Oman's position in the global tech landscape.
These strategic investments by ITHCA, both domestically and internationally, play a crucial role in promoting innovation, supporting technological progress, and nurturing a thriving startup environment. By focusing on various sectors like venture capital, 3D printing, IoT, and semiconductors, ITHCA is laying the groundwork for a technologically advanced and economically resilient future.
