Saturday 22 / February / 2025
Muscat: Oman Investment Authority (OIA) has announced its investment in the new Singaporean investment fund, Golden Gate Ventures, which focuses on investing in startups in the Middle East. The fund has a capital of USD 100 million, aligning with the government’s efforts to support startups and boost investments that stimulate innovation and support entrepreneurship.
The partnership aims to empower Omani startups, attract and stimulate foreign direct investments, and transfer knowledge to the local market. It also aims to create job opportunities for Omani youth and support the establishment of research and development centres, thereby enhancing Oman’s position as a regional hub for innovation and tech investment.
The fund has already initiated its investments in the region by investing in the Omani company (Bayanat), which specialises in providing data analytics solutions through the Software as a Service (SaaS) model. This investment aligns with OIA’s focus on supporting startups, in line with the objectives of Oman Vision 2040 to enhance the digital economy and support Omani entrepreneurs.
Ibrahim bin Said Al Eisri, Head of Private Markets Investments at OIA, stated that this partnership is part of the Authority’s efforts to diversify its investments and enhance the Omani aspect in its international projects by redirecting these investments towards local sectors. This contributes to driving economic development and encouraging technological innovation.
He added that this move supports the Authority’s national agenda by investing in future-oriented sectors such as renewable energy, technology, artificial intelligence, and medical technology. It also aims to create job opportunities for youth and sustainable business opportunities for local companies.
Michael Lints, Partner at Golden Gate Ventures for the Middle East and North Africa, emphasised that the cooperation with OIA is a significant milestone for the company, contributing effectively to shaping the future of innovation and entrepreneurship in the region and establishing a solid foundation for expanding and enhancing sustainable values for investors.
He pointed out that under this partnership, Golden Gate Ventures plans to open an office in Oman. This will enhance its investments in Omani startups, attract local talents, and support initial and seed funding programs. It will also strengthen connections with the investment ecosystem in Southeast Asia, accelerating the flow of foreign investment into the local market. Golden Gate Ventures is one of the prominent investment funds specialising in supporting startups.
Founded in 2011, the Singaporean fund has invested in over 100 companies across Asia, the USA, and Europe, including nine unicorn companies.
This investment aims to diversify the Generations Portfolio, which manages and oversees OIA’s international investments in various sectors. Through this, OIA seeks to support economic growth and enhance financial sustainability.
