Oman Communications and Information Technology (OICT) group, an affiliate of Oman Investment Authority (OIA), signed a number of agreements in line with its strategy to expand its investments and drive the growth of the telecommunications and information technology sector in in the Sultanate of Oman.
In the first of these agreements, signed during its annual meeting, the group signed a pact to acquire a stake in Rihal, an Omani software development firm specializing in providing optimal solutions for information management challenges. Through its investment in Rihal, OICT aims to support the development of data-focused products and AI technologies and invest in qualified Omani talent in this field.
The second agreement was an Omani firm to support the development of digital solutions and contribute to enhancing capabilities in the field of cloud services. In the third agreement, well-known private venture capital fund Phaze Ventures received an investment from OICT. The Group also signed deals to invest in a pair of blockchain companies to help bolster technical capabilities in financial, blockchain, Internet of Things (IoT) and other emerging technologies.
In his address, His Highness Kamil bin Fahd al Said, Chairman of OICT Group, said the Group, since its establishment in 2019, has expanded and evolved over the years and plays a pivotal role in the county’s ICT sector.
In the next phase of its growth, the group will focus on investing in the technologies of the 4th Industrial Revolution, among other strategic projects, notably the Digital Transformation project, which is receiving great attention from His Majesty Sultan Haitham bin Tarik, as well as cooperation and support from the Ministry of Transport, Communications and Information Technology.
Said bin Abdullah al Mandhari, CEO – OICT Group, said the group's strategy is to become the investment arm of the government in partnership with the private sector in implementing various telecom and 4th IR related objectives.
At the annual meeting, OICT also celebrated the launch of a new Omani tech startup specializing in cybersecurity, as well as the opening of Oracle’s centre for high performance cloud services infrastructure data in the Sultanate of Oman.
OICT also announced the establishment of a digital transformation management company and the implementation of the first broadband project in partnership with the private sector to expand the fibre optic network to cover nearly 30,000 housing units. (With inputs from ONA)