Oman Technology Fund (OTF) today allocated one million Omani Riyals for investment in expansion projects. The step comes in response to aspirations for innovation-based youth initiatives that are underscored by His Majesty Sultan Haitham Bin Tarik.
Eng. Youself bin Ali al-Harthi, CEO of the OTF, said that the sum will be channeled to Omani technology companies that focus exclusively in applications and electronic platforms that advance innovation. The aim is to provide technical solutions to help citizens and residents perform a policy of social distancing which constitutes the cornerstone of Oman’s efforts to impede the spread of coronavirus and limit the number of new cases of infection, he added.
In a statement to Oman News Agency (ONA), al-Harthi said that apps will now be a key factor for economic sustainability in the next phase of development meant to keep pace with regional and international progress.
The OTF will streamline application procedures, take decisions in record time and encourage social distancing contact among committees tasked with issuing approvals in the shortest possible time, said al-Harthi, adding that the OTF has a total of 104 tech investments in different sectors run by young Omanis. Financial support is extended to this segment to help make their projects capable of meeting urgent needs that are an outcome of the current conditions, he explained.
The OTF focuses on pioneering ideas and entrepreneurship in the sector of technology, said al-Harthi, noting that the fund has three main investment programmes: Investment in ‘Early Ideas’ (Takween programme), the ‘Precipitation’ programme (Misra’at Al-Wadi) and the ‘Growth’ programme (Jusoor).