Technology businesses in Britain and Oman look set to benefit following the creation of The British-Omani Technology Gateway – a new initiative designed to open doors for start-up companies in both countries.
The project involves London-based venture capital firm Hambro Perks and the government-owned Oman Technology Fund (OTF).
Representatives from both organisations met in London to sign a Memorandum of Understanding, alongside technology investors from the sultanate, and senior officials from the Omani Embassy in London and the UK’s Department for International Trade.
The agreement paves the way for start-up businesses from Hambro Perks’ portfolio to access Oman’s technology eco-system through OTF. It will also allow technology start-ups from OTF’s portfolio and various accelerator programmes an opportunity to be based at Hambro Perks’ offices in London. The first cohort is expected to arrive in November.
Dominic Perks, chief executive and co-founder of Hambro Perks, said: “The Gateway establishes a close working relationship for technology investment opportunities between the UK and Oman. We are glad to be able to support UK based start-ups that are looking to expand into the Omani market and the wider Middle East region.
“Moreover, Oman and the region have various exciting opportunities for HP as we start to invest globally and we are excited to explore this potential with the help of OTF. It promises to be a fruitful, rewarding and long-term relationship.”
OTF chief executive Yousuf Al-Harthy added: “OTF is looking forward to starting to implement this important MOU as it opens the doors for startups from both countries to expand into new markets more efficiently and with the help and support of our two organisations.”