Multiple organizations in
Oman have combined to form Innovation Development Oman Holding SAOC (IDO), the sultanate’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.”
