This initiative is in line with Oman Vision 2040, which emphasizes the importance of enhancing the digital economy and supporting entrepreneurship.

The Oman Investment Authority (OIA) has teamed up with Singapore-based Golden Gate Ventures to boost Oman's startup ecosystem and attract foreign investment in technology.

As part of this collaboration, Golden Gate Ventures has launched a new $100 million fund in Doha, focusing on early-stage startups in the Middle East and North Africa (MENA), marking its first international venture in this region.

This investment is expected to create job opportunities for Omani youth and facilitate the establishment of research and development centers in Oman.

The fund's inaugural investment was in Bayanat Technology, an Omani company specializing in Software as a Service (SaaS) data analytics solutions, reflecting OIA's commitment to supporting local startups.

The establishment of a local office in Oman underscores a long-term commitment to enhancing the startup landscape in the country.

Golden Gate Ventures, with a total capital of USD 100 million, is dedicated to fostering innovation and entrepreneurship, aligning with OIA's strategic objectives.

Ibrahim Al Eisri, CIO-Private Equity at OIA, has highlighted the goal of leveraging investments to transfer international expertise to Omani startups.

The fund aims to raise $100 million, which is approximately Rs 866.4 crore, to support its initiatives.

OIA's investment strategy aims to diversify its portfolio and support economic development, aligning with the broader goals of Oman Vision 2040.

Michael Lints described the partnership as a 'milestone' that will foster innovation and entrepreneurship in the region while providing sustainable value for investors.

Michael Lints and Hussain Abdulla, the partners leading this initiative, are committed to driving growth and innovation in Oman.