27/09/2017 06:03 AST

The Oman Technology Fund (OTF) signed yesterday, a Memorandum of Understanding (MoU) with Qatar Science and Technology Park, part of Qatar Foundation Research and Development. The MoU lasts for three years and focuses on venture investment.

It will help in consolidating partnerships to establish an attractive investment environment in the region. The MoU includes various fields of cooperation. It will help in exchanging experiences and enhancing the cooperation in technology transfer. It will also provide youths with the opportunity to create new technologies that can compete regionally and internationally. In addition to that, the MoU will promote the joint technological investments between the two countries.“

The cooperation between the two institutions will focus on venture investment, especially the investment in technology and communication. The MoU contains all fields of venture investment. It aims at developing the business environment and enabling the startup technological companies to grow and expand in order to compete regionally and internationally.

This will be realised through creating a flexible investment environment that can attract the local and international investments. Big companies will also be encouraged to invest in future technologies and work with startup companies. The startup companies can later acquire some of the shares of these big companies. We will also work with the legislators to develop laws that can attract investments and innovations.

The MoU will help in providing data and conducting studies and surveys that are needed by the technological investors and innovators. It will also enhance cooperation in transferring the university research and inventions into startup companies. In addition to that, it will provide them with guidance and investment opportunities so that they become capable of creating added value and utilising the young human resources,” said Yousef al Harthi, CEO of OTF.

The Gulf Today

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