SGRF, others combine to form Oman's first equity-based venture capital firm
IDO will start with an initial capitalization of $129.8 million and will invest its capital in high-prospect start-up enterprises.
IDO is majority owned by the State General Reserve Fund (SGRF) at 60 percent of shares. The other partners are Oman Oil Company SAOC, The Research Council and Oman Telecommunications SAOG.
The participating organizations believe IDO can benefit the broader Omani economy through its nurturing of startup companies. The nurturing will come via the experienced team behind IDO -- with market knowledge as well as business development and venture development experience.
“The knowledge-based economy is considered one of the goals that will progress the socio-economic level of the Sultanate, and will support the diversification of the national economy,” Abdulsalam Al-Murshidi, CEO of SGRF, said. “IDO will represent the technological investment arm of the government and take part in developing innovative startups in accordance with an integrated system combining everything such companies need starting from the concept stage to the application, and then to the stage of commercialization.”