Muscat: SafaQat, an Omani startup platform specializing in digital purchasing and procurement, has effectively concluded a financing round with the Oman Future Fund and the Idrak Group. This decision reflects rising confidence in national technology initiatives and their potential to contribute to the development of a sustainable digital economy.
SafaQat is overseen by the SMEs Development Authority (Riyada).
SafaQat is a pioneering collaborative project established by four brothers from the Nizwa Wilayat: Majed bin Majed Al Saifi, Sulaiman bin Majed Al Saifi, Ibrahim bin Majed Al Saifi, and Al Moatasem bin Majed Al Saifi.
The family partnership was formed during the COVID19 pandemic restrictions.
According to one of the founders, Al Moatasem, the concept stemmed from a basic practice of exchanging price quotes via messaging apps, which demonstrated the market's desire for alternative digital models. The brothers then started developing a prototype that grew into a fully integrated platform.
He emphasized that the project's commencement was based on their combined knowledge, particularly in the tendering industry. He emphasized that each brother oversaw a distinct component of the platform based on his specialty, which aided in its continuous and professional development. He emphasised that the project's success was achieved after overcoming numerous problems in terms of developing confidence, altering market behavior, and persuading organizations to embrace the platform.
He stated that the solutions needed flexibility, listening to feedback, and upgrading the system as required.
Al Moatasem stated that the investment cooperation with Oman Future Fund and Idrak Group signifies a qualitative step for the platform. He stressed that these organizations do more than just provide money; they recognize the significance of investing in the national economy's future and empowering Omani youth.
He stated that the funds would be used to build technological infrastructure, enhance user experience, recruit national talent, expand into government services, and prepare to join new markets.
Al Saifi stated that the SafaQat app now has 2,486 users, with 1,260 tenders and opportunities posted on the platform. The total number of registered suppliers and firms is 2,784. He claims that these statistics indicate fast growth and increased confidence from the local market, confirming the platform's role as an effective national platform for digitizing procurement and supply chain operations.
The SafaQat platform has gotten various awards and distinctions, including second place in live presentations at the Omani Startup Accelerator, the greatest Growing Company in the Market prize, a second-place ranking among Omani e-commerce stores, and a victory in the Jadarah 2024 initiative.
The platform has attended several local and international events, including Comex 2024, the Economic Vision 2024 award, and has represented Oman at international trade fairs such as Biban 24 in Riyadh, the Web Summit in Doha, and LEAP 25 in Saudi Arabia.
SafaQat uses sophisticated technologies such as interactive dashboards, alert systems, bidsorting algorithms, and real-time reports. It is now focused on creating AI-powered solutions for evaluating bids and forecasting prices, in accordance with digital transformation themes.
On the community front, the platform began an effort to teach job seekers as sales representatives using practical online training material, with the goal of empowering youngsters and providing chances for self-employment. It also helps small and medium businesses with free registration, technological assistance, and awareness efforts.
