Oman and Saudi Arabia Team Up to Boost Tech Startups

In a big move for tech, Oman and Saudi Arabia are joining forces to help startups grow. The Oman Investment Authority's tech arm, ITHCA Group, just launched a new plan. It includes an accelerator program and a fund to help Omani startups enter the Saudi market. The program, called Bawabat, is a team effort. ITHCA Group worked with an Omani tech company, al Jabr, and Saudi Arabia's National Technology Development Programme (NTDP) to make it happen. This six-month program is like a bridge. It helps Omani startups connect with investors and grow in Saudi Arabia. Startups in the program can get up to $100, 000 from the OTF SCALE Fund. But it's not just about money. The program also offers help with business growth, building connections, and testing products. Mohammed bin Salem al Wahibi, CEO of al Jabr, said it's more than just support. It's a practical way to help startups enter the Saudi market.Ibrahim Nimas, CEO of NTDP, talked about the shared vision. He said Saudi Arabia and Oman, along with other Gulf countries, want to support tech entrepreneurship. This collaboration helps companies enter new markets, connect with investors, and grow. ITHCA Group also announced a partnership with Vision Ventures, a Saudi venture capital fund. They signed an agreement to support Omani tech companies and link them to the regional investment world. Qais al Issa, CEO of Vision Ventures, said this partnership is a big step. It opens up funding and partnership opportunities. During the event, ITHCA Group also rebranded their 'Idea Stage' fund to 'OTF SCALE. ' This fund has already made 36 investments. Maha bint Mohammed al Balushi, Director General of Venture Capital Funds Management at ITHCA Group, said the new name reflects their mission. They want to elevate ideas, empower entrepreneurs, and accelerate growth. Eng. Said bin Abdullah al Mandhari, CEO of ITHCA Group, said these initiatives are a big deal. They open up new opportunities for entrepreneurs, especially in the Saudi market.