MUSCAT: First equity-based venture capital firm in the Sultanate, Innovation Development Oman Holding SAOC (IDO), was officially launched here on Monday.
State General Reserve Fund, Oman Oil Company, The Research Council and Oman Telecommunications Company (Omantel) joined together to establish the new venture capital firm. According to officials, the company has been established to drive innovation and support technologically advanced start-ups with an initial capital of OMR50 million. IDO, which will invest equity capital in world class start-ups, will be used to invest and nurture startups that will benefit the broader Omani economy.
