Strategic investment agreement inked between ITHCA Group, Saudi Vision Projects Fund

Muscat: ITHCA Group today announced three strategic investments aimed at enhancing the growth of Omani tech startups and strengthening the depth of the growing partnership between the Sultanate of Oman and the Kingdom of Saudi Arabia in the telecommunications and information technology sector, as well as in the fields of innovation and entrepreneurship.

The announcement came during a ceremony organised by ITHCA Group, which included a review of updates on the Idea Stage Fund, the unveiling of the new identity for the Omani Tech Founders Scale-Up Fund (OTF SCALE), and the launch of the "Bawabah" accelerator in cooperation with Al Jabr Company and with support from the National Technology Development Program in the Kingdom of Saudi Arabia, in addition to signing a joint investment agreement with Saudi Vision Venture Capital.

ITHCA Group continues to enhance its role as an accelerator for the growth of tech startups. In a record period, the Fund has executed 36 investments, with 11 percent of these companies successfully securing follow-on investment rounds, making it one of the fastest early-stage support programs for tech startups.

The Fund focuses on enabling founders to develop prototypes and build scalable technology companies, with particular emphasis on the sectors of artificial intelligence, financial technologies, software, and digital services.

The Fund adopts a joint execution model between ITCHA Group and Al Jabr Company to ensure intensive guidance for founders and the preparation of a new generation of companies capable of growth and entering regional and international markets.

The accelerator represents a six-month program aimed at enabling Omani startups to enter the Saudi market by connecting them with investors and providing expansion opportunities.

The joint investment agreement with Saudi Vision Venture Capital represents a strategic step that opens broader doors for Omani startups to access the Saudi investment ecosystem and benefit from the Fund's expertise and regional networks, supporting the expansion and growth of Omani tech companies in larger and more competitive markets.

The agreement was signed by Eng. Said Abdullah Al Manthri, CEO of ITHCA Group, and Qais Al-Essa, CEO of Saudi Vision Venture Capital.