MUSCAT, SEPT 5
The Omani startup ecosystem is currently valued at $301 million, according to a recent report from The Startup Genome, a global startup research organisation.
The report identified ecommerce, clean technology and financial technology (fintech) as the most lucrative industries for startups and investors in Oman. According to the report, the Omani ecommerce market is predicted to reach $868 million in value by 2025.
Investments in Oman’s clean energy sector are targeted at $140 billion in green hydrogen alone, as a result of the country committing to achieving Net Zero by 2050.
Furthermore, in regards to fintechs, the Central Bank of Oman (CBO) has been actively supporting the development of financial startups. In collaboration with Omantel, CBO is offering Fintech accelerators to develop promising startups.
The accelerator aims to support startups “through mentorship, training, networking, and fundraising support.” The total value of venture capital funding in tech startups amounted to $28 million from 2018 to 2022.
Furthermore, according to the report Oman, ranked amongst the top ten countries in the region in terms of affordable talent and funding.
In 2022, the Programme for Promising Omani Startups was established, as part of the government's efforts to advance local capabilities in innovation and creativity, and increase the competitiveness of the Omani economy.
The programme aims to aid in the development of innovative startups by providing owners with the necessary support, and facilitating local and global investments.
Additionally, the programme also aims to create legal and regulatory frameworks that support emerging startups. The programme is executed in collaboration with several government entities, including the Authority for Small and Medium Enterprise Development (ASMED), the Ministry of Higher Education, Research and Innovation, the Ministry of Transport, Communications and Information Technology, the Ministry of Economy, and the Oman Information and Communication Technologies Group (ITHCA).
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