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.
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