RECORDER REPORT

KARACHI: A memorandum of understanding (MoU) was signed between Oman Technology Fund (OTF) Holding Company and Pakistan-Oman Investment Company in an effort to boost technology and investment cooperation.

The purpose of the MoU is to explore potential areas of collaboration in developing new technology and by investing in technology startups in the Sultanate of Oman, as well as in Pakistan. The MoU was signed by Yahya bin Said Al Jabri, chairman of Pakistan-Oman Investment Company and Engr Yousef bin Ali Al Harthy, CEO of Oman Technology Fund (OTF).

Yahya bin Said Al Jabri commended the launch of the Oman Technology Fund as an innovative investment vehicle that, he said, would help achieve development objectives to grow the ICT sector and the Oman economy as whole.

“This comes in the midst of the government’s diversification strategy that is focused on the spread of utilisation of technology in industry and a connected digital society,” he said, adding that this has been identified as key development area for Oman and a significant driver towards an increasingly diversified national economy.

Bahauddin Khan, CEO of Pakistan-Oman Investment Company, said that this MoU would explore partnerships in new high-value and high-growth areas, including collaboration on new technology products, e-Services, and advanced technologies to create and enhance the overall digital eco system that encourages the development of tech entrepreneurship in both the Sultanate as well as in Pakistan.

“We are proud to partner with one of the most dynamic, innovative and leading investment companies in the region,” said Yousef bin Ali Al Harthy, CEO of OTF.

“As part of the MoU, the Oman Technology Fund and Pakistan-Oman Investment Company would work together to promote and invest in creation of new technological investment offerings and help entrepreneurs accelerate their business, regionally and internationally.

Al Harthy said that Oman is increasingly adopting more digital solutions across various business verticals and they are very excited to be part of this growth.

OTF was launched last October to invest in high growth potential technology startups companies in Oman and internationally. OTF will invest in related incubator/accelerator micro-funds and local, global VC funds.