ITHCA Group has unveiled strategic initiatives to bolster Oman's technology startup ecosystem and facilitate regional expansion. The announcement includes rebranding its Idea Stage Fund to OTF SCALE and launching the "Gateway" Business Accelerator. These developments signal a concerted effort to empower Omani entrepreneurs with resources and access to penetrate the competitive Saudi Arabian market.
A New Identity and Expanded Focus
The newly rebranded OTF SCALE fund reflects a growing momentum to support early-stage technology companies. The fund has already established itself as a key enabler, having completed 36 investments in a short period. Notably, 11% of its portfolio companies have successfully secured follow-on funding, reinforcing its position as an impactful support program.
OTF SCALE is dedicated to helping founders develop prototypes and build scalable technology companies across high-potential sectors. Its focus areas include artificial intelligence, fintech, software, and various digital services. The fund operates under a joint execution model aimed at preparing startups to compete effectively in regional and international markets.
Launching the 'Gateway' Accelerator
A central part of the announcement was the launch of the “Gateway” Business Accelerator, a six-month program established through a key collaboration. The initiative brings together Al Jabr Company and ITHCA Group, with support from Saudi Arabia’s National Technology Development Program (NTDP). Its mission is to create a structured pathway for Omani startups to enter and thrive within the Saudi market.
The accelerator offers an integrated business development framework designed to ensure market readiness and sustainable growth. Participants are eligible for an exclusive investment of up to $100,000 from the OTF SCALE Fund. This support is complemented by specialized mentorship, investor connections, and hands-on assistance with product localization and testing in the Kingdom.
Forging Strategic Regional Partnerships
To further solidify the cross-border support system, the event featured the signing of a pivotal investment agreement. The partnership was formalized between ITHCA Group, represented by CEO Eng. Saeed bin Abdullah Al Mundhiri, and Saudi Vision Ventures Fund, led by CEO Qais Al Issa. This collaboration is set to expand Omani startups’ access to Saudi Arabia’s dynamic investment ecosystem.
The agreement aims to leverage the Saudi fund's extensive regional expertise and robust networks to benefit Omani entrepreneurs. By connecting them with strategic partners and capital, the partnership supports accelerated growth in increasingly competitive markets. This move underscores a commitment to fostering a more interconnected innovation landscape between the two nations.
Leadership Perspectives on Regional Growth
Leaders from the participating organizations shared their optimistic outlook on the new initiatives. Eng. Saeed Al Mundhiri of ITHCA Group hailed the developments as a qualitative leap for Oman's innovation ecosystem. Mohammed Al Wahibi of Al Jabr Company emphasized that the "Gateway" accelerator provides a practical pathway for sustainable entry into the Saudi market.
The Saudi partners echoed this sentiment, highlighting the mutual benefits of the collaboration. Qais Al Issa of Saudi Vision Ventures described the agreement as a strategic step to connect Omani startups with vital regional investment networks. Ibrahim Neimaz of NTDP noted the partnership reflects a shared vision to strengthen startup growth across the region.
These announcements from ITHCA Group represent a significant milestone in strengthening the technology corridor between Oman and Saudi Arabia. The OTF SCALE fund, the Gateway accelerator, and the partnership with Saudi Vision Ventures collectively create a powerful support structure. This integrated ecosystem is poised to unlock new opportunities, drive innovation, and foster sustainable economic growth for startups throughout the region.