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OTF offers $1mn to winners of startup contest at GITEX 2022

21 Sep 2022

Muscat – As part of GITEX 2022 in Dubai, Oman Technology Fund will offer investment opportunities to the tune of US$1mn in its OTF Investment Pitch Competition for startups.

Speaking to Muscat Daily, an official at OTF said that the fund will offer investments to competition winners at North Star 2022, which is a global startup ecosystem and a part of GITEX, taking place from October 10 to 14.

According to the official, OTF has organised the competition with an aim to increase opportunities in technology and information communications technology companies and startups – both locally and abroad.

He added that GITEX includes an area dedicated to highlighting the services, products and achievements of startups from the Arab world.

An arbitration committee will choose 30 startups to present their services to the investment committee of the fund. Subsequently, the committee will determine if they can be included under the umbrella of investments of OTF.

Ten companies will qualify for the finals, and the winner will be announced at the closing ceremony of GITEX. Interested companies can introduce themselves by completing a form and entering their details before September 30 at 3Me7FpQ.

Nasser al Hosni, a businessman, said, “The decision is a very good step because all developed countries support the technology sector and startups operating in the sector.”

According to Hosni, the tech sector is one of the most important that helps develop all economic fields. “Oman has taken several steps in the digital field to achieve the goal of supporting startups, create job opportunities and encourage Omani youth to be innovative and provide jobs to others.”

Ahmed al Jabri, innovator and CEO of Qutra Company, said, “Young people really need investments to implement their ideas. There are a lot of young Omanis who have creative ideas and startup companies that need funding to start their projects.”

Jabri added, “The decision is important as it will encourage Omani youth to participate in the competition. I believe Omani youth need someone who believes in their ideas and capabilities and supports them. I advise innovators and startup owners working in the technology sector to benefit from these initiatives such at the OTF competition.”

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