ITHCA invests in US chip firm to boost Oman's tech ambitions
By OUR CORRESPONDENT
Muscat – ITHCA Group has signed a strategic investment agreement with US-based Lumotive, a company focused on programmable optical semiconductor technology, as part of efforts to strengthen Oman's position as a regional hub for advanced industries.
The agreement was signed by Saeed bin Abdullah al Mandhari, CEO of ITHCA Group, and Sam Heidari, CEO of Lumotive.
'This is our second investment in the sector, as we work towards establishing a centre of excellence for Omani semiconductor designers catering to both regional and global markets,' Mandhari said.
He added that the deal reflects ITHCA's approach of partnering with global technology leaders to promote knowledge transfer and build national expertise in semiconductor design.
Heidari welcomed the agreement, saying it would support joint work in research, design and skills development.
Lumotive's honours include the title of 'Next Big Thing in Tech' from Fast Company and three CES Innovation Awards. Its backers include Gates Frontier, MetaVC Partners, Quan Funds, Samsung Ventures and Uniquest.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
3 hours ago
- Observer
$5 billion boost for Shariah housing in Oman and GCC
MUSCAT: A major regional investment firm aims to accelerate the development of affordable, Shariah-compliant housing in Oman and the wider GCC, following a new strategic partnership between international finance institutions. BCIB Holding Co, Ltd, a Thailand-based financial service and investment banking firm, has acquired a 20 per cent stake in Amwalus Finance LLC, a US-incorporated financial institution with strategic operations in Oman, aligning both companies to jointly scale ethical housing finance solutions across the region. The investment is supported by a $5 billion Medium Term Note (MTN) issued by Bastion Commonwealth Investment Bank, the banking arm of BCIB Holding. According to BCIB Holding Co, the proceeds from the MTN will be used to finance housing projects that adhere to Islamic finance principles, addressing the growing demand for inclusive and affordable residential solutions in Oman and neighbouring Gulf countries. The agreement was formalised in a signing ceremony between Low Chun Keong, Managing Director of BCIB Holding, and Wassem Mesto, Managing Director of Amwalus Finance LLC, a wholly owned subsidiary of US-based Amwalus Trust. The ceremony was also attended by Dr Chutamas Vongvorakit, Co-founder and Chief Financial Officer of BCIB Holding. 'This strategic investment, backed by institutional financing through Bastion Commonwealth Investment Bank, underscores our commitment to fostering inclusive and sustainable development in Oman and across the region,' said Low. Amwalus Finance focuses on Shariah-compliant financing for affordable housing. With the new capital injection and support from its strategic partner, the company plans to expand its housing solutions across the GCC, targeting underserved communities. Wassem Mesto welcomed the partnership as a milestone for the company's mission. 'We are proud to welcome BCIB Holding as a key strategic partner in our mission to provide dignified, affordable housing guided by Islamic finance principles,' he said. 'With this collaboration, and the support of Bastion Commonwealth Investment Bank, we are well-positioned to scale our impact across the GCC and meet the growing demand for ethical, inclusive housing solutions.' The alliance reflects BCIB Holding's broader goal to promote long-term socioeconomic development through innovative Islamic financial instruments, with a particular focus on infrastructure and housing. Oman, which is advancing national priorities under Vision 2040, is expected to be a central focus of these investments.
Observer
3 hours ago
- Observer
Women in Oman import handbags worth RO 9.5m in 2024
Muscat: Women in Oman imported handbags worth RO 9.5 million in 2024, marking a 37 per cent rise compared to the same period in 2023. The National Center for Statistics and Information said Oman has witnessed a notable diversification in the types of imported handbags ranging from materials to designs to international brands thus catering to the different ages and tastes. Part of this increase is attributed to the growing online stores that have become key players in selling women's goods. These platforms have helped provide diverse options, competitive prices and convenient shipping across Oman. Maryam al Muqbali, owner of one of the online stores, said that the demand for online handbag purchases has witnessed remarkable growth in recent years, especially during festivals. "We've noticed that women are increasingly relying on online shopping because it offers attractive deals and prices, as well as multiple payment options and fast delivery services, all of which have significantly boosted sales. We always strive to import high-quality handbags that keep up with the latest fashion trends to meet the needs of women of all ages." Khadija al Balushi, one of the consumers, said, "I love buying handbags, whether from stores or online. In Oman, there's a wide variety of handbag stores, both in large shopping centres and small local markets, and each store offers different collections to suit all tastes. I often look for handbags that suit my daily needs in terms of quality and durability. Sometimes, I resort to online stores if I want new designs or special offers. But at the same time, I love shopping in person because I can touch and see the product up close before buying, which is important to me to ensure the product is genuine, as some online accounts might sell counterfeit items." She said sometimes she hesitate before buying, "because I'm not sure about the product's quality, so I focus on reading reviews and others' experiences before making a purchase. Nevertheless, online shopping has made many things easier for us, especially when time is tight." She said she has both original and imitation handbags, noting that she prefers the originals. She explained that it is sometimes difficult to distinguish between original and fakes. She believes that the genuine product is worth the price. This increase comes within the context of the continuous growth of the Omani consumer market, especially during holidays, vacations and social occasions, which are periods that typically see increased demand for such products.
Observer
3 hours ago
- Observer
Al Harthy awaits for the '24 Hours of Le Mans' race
Global motorsport's greatest and most challenging race, the 24 Hours of Le Mans at the famous Circuit de la Sarthe in France, is mere days away for Oman's Ahmad al Harthy who intends to mount a major bid for silverware with team-mates Valentino Rossi and Kelvin van der Linde. Marking the halfway stage of the FIA World Endurance Championship season, round four of the 2025 campaign, this year's visit to Le Mans — the race begins on Saturday, June 14 — will be Al Harthy's third attempt at the endurance racing classic where he is a past podium finisher. Memorably, of course, he made history on his 24 Hours of Le Mans debut back in 2023 when racing to a sensational second place result in the then GTE Am class — success which he happily dedicated to his Majesty Sultan Haitham bin Tarik. Now competing in LMGT3, the successor to GTE, the Omani's second season with Team WRT in the No.46 BMW M4 LMGT3 has been impacted by some misfortune but there has been celebration as well thanks to a fantastic second place — a mere 0.3 seconds shy of victory — at Imola in Italy in April. Climbing to sixth in the LMGT3 standings at that point, having had to settle for 11th place during the season-opening event at Lusail in Qatar, a podium bid last time out at Spa-Francorchamps in Belgium ultimately became ninth due to a pit-lane speed limiter glitch which resulted in a luckless penalty. While there have been frustrations with some of the misfortune, the overall pace and performance across qualifying and race conditions from the Team WRT entry has been outstanding and Al Harthy himself has been extremely satisfied with the level of his own personal performance thus far. Supported as always by OQ Group, Sohar International, Omantel, Oman LNG, BMW Oman, Oman Ministry of Culture, Sports and Youth (MoCSY), and Experience Oman, Al Harthy is very much looking forward to welcoming plenty of key partners to the 93rd staging of the 24 Hours of Le Mans later this week. This year's race entry features a combined total of 62 cars across the Hypercar, LMP2 and LMGT3 classes, with 24 in LMGT3 alone — the biggest class of the three. The No.46 BMW LMGT3 will be battling competition from the likes of Aston Martin, Corvette, Ferrari, Ford, Lexus, Mercedes-AMG and Porsche. AHMED AL HARTHY: 'Le Mans is always the biggest event of the year, not just in WEC but in motorsport as a whole, and it truly is an incredible honour to again represent Oman at such a prestigious, famous and historic race. It was the proudest moment of my career to climb the podium in the 24 Hours of Le Mans a couple of years ago on my debut in the race, truly an amazing moment to see the Omani flag fly. 'We're working as hard as we can to be back on the podium this weekend, and with Vale and Kelvin we're pushing as hard as ever to prepare as strongly as possible for the race. It's going to be an amazing week building-up to the race, I can't wait to get started.' Free practice begins at Le Mans this Wednesday, 11th June, with qualifying then getting underway at 18.45 local time – the fastest 12 cars progressing to Hyperpole at 20.00 on Thursday, 12th June. In between these sessions there will have been two further practice runs. Hyperpole for this year sees the top eight progress to a second Hyperpole session to determine the first four rows of the grid. More night-time practice follows before a day away from track action on Friday, 13th June. Warm-up for the big race takes place at midday local time on Saturday, 14th June, with the 24 Hours of Le Mans beginning at 16.00 local time. Follow everything at or 2025 FIA WEC LMGT3 Driver Standings (after Rd3): 1st Ben Keating / Daniel Juncadella / Jonny Edgar, 44pts 2nd Alessio Rovera / Francois Heriau / Simon Mann, 40pts 3rd Arnold Robin / Finn Gehrsitz, 38pts 9th Ahmad al Harthy / Valentino Rossi / Kelvin van der Linde, 21pts 2025 FIA WEC LMGT3 Team Standings (after Rd3): 1st TF Sport (Corvette Z06 LMGT3.R), 44pts 2nd Vista AF Corse (Ferrari 296 GT3), 40pts 3rd Akkodis ASP Team (Lexus RC F LMGT3), 38pts 9th Team WRT (BMW M4 LMGT3), 21pts
