The Oman Technology Fund (OTF) signed a Memorandum of Understanding (MoU) with Qatar Science and Technology Park, part of Qatar Foundation Research and Development (QF R&D), recently.
The MoU, lasting for three years, focuses on venture investment. It will help in consolidating partnerships to establish an attractive investment environment in the region, stated a press release.
The MoU includes various fields of cooperation. It will help in exchanging experiences and enhancing the cooperation in technology transfer. It will also provide youths with the opportunity to create new technologies that can compete regionally and internationally.
In addition, it will promote the joint technological investments between the two countries.
“The cooperation between the two institutions will focus on venture investment, especially the investment in technology and communication. The MoU contains all fields of venture investment,” said Yousef al Harthi, CEO of OTF.
He added, “It aims at developing the business environment and enabling the start-up technological companies to grow and expand in order to compete regionally and internationally. This will be realised through creating a flexible investment environment that can attract the local and international investments.
“Big companies will also be encouraged to invest in future technologies and work with start-up companies. The start-up companies can later acquire some of the shares of these big companies. We will also work with the legislators to develop laws that can attract investments and innovations.
“The MoU will help in providing data and conducting studies and surveys that are needed by the technological investors and innovators. It will also enhance cooperation in transferring the university research and inventions into start-up companies. In addition to that, it will provide them with guidance and investment opportunities, so that they become capable of creating added value and utilising the young human resources.”
He further said that the MoU focuses on supporting the expansion of the companies, in which the two institutions invest, in the region. The MoU also includes organising conferences, forums, workshops, training courses and other activities.
“Innovation does not recognise boundaries, obstacles, or geopolitical shifts,” said Dr Hamad al Ibrahim, executive vice president, QF R&D.
OTF specialises in investing in start-up companies and information technology innovation in Oman and the region. The fund includes three programmes – as follows: Incubation Fund, Acceleration Fund and Growth Fund.
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