Latest news with #FutureFundOman
Zawya
3 days ago
- Business
- Zawya
Omani startup targets onboarding of 5,000 drone pilots
MUSCAT: Omani drone startup SERB, backed by the Oman Investment Authority (OIA) through Future Fund Oman (FFO), plans to onboard 5,000 drone pilots as part of its mission to build a comprehensive drone management ecosystem in the Sultanate. One of the most prominent drone-based service providers in the country, SERB is currently partnering with the Civil Aviation Authority (CAA) in the development and operation of the 'SERB Platform', a centralized system for drone registration and management. Formally unveiled by the CAA on January 28, 2025, the platform aims to enhance air navigation safety, regulate drone usage, and streamline the permitting process for drone operators. On the first anniversary of its launch, FFO highlighted its partnership with SERB as a model of high-impact economic growth. 'SERB is leading the transformation of drone management in the Sultanate. With support from FFO and strategic collaboration with the Civil Aviation Authority, SERB aligns closely with Oman Vision 2040—aiming to enhance airspace safety, foster innovation in drone technology, and support the broad use of drones across the economy,' FFO noted in an Impact Report compiled by Oxford Business Group. As part of its strategic goal to foster skills development and industry growth, SERB aims to initially onboard around 5,000 drone pilots. It has also laid the groundwork for collaboration with 13 government entities to build the regulatory framework underpinning the platform. Once fully operational, the SERB Platform will offer a range of services including safe zone identification to help drone operators locate authorized areas for activities, a registration portal to simplify drone registration and permit acquisition, air traffic management capabilities to ensure safe integration into existing airspace, and environmental protection compliance mechanisms to uphold safety standards for people, property, and the natural environment. Looking ahead, SERB has ambitions to expand its regional footprint. 'SERB aims to extend its operations to regional markets, including Abu Dhabi, Jordan, and Saudi Arabia. It plans to onboard major players in drone delivery, broaden the platform's capabilities, and position itself as a leader in technological innovation and ecosystem acceleration,' FFO added. Oman's domestic drone industry has seen strong momentum in recent years, attracting tens of millions of dollars in investment. A wave of startups and tech ventures now specialize in areas such as aerial inspection, precision agriculture, logistics, environmental monitoring, and infrastructure surveying. An increasing number of government ministries, oilfield operators, and logistics companies are partnering with local drone firms to implement innovative services—for example, deploying pesticide-spraying drones in date farms. Regulatory bodies, including the Ministry of Commerce, Industry and Investment Promotion (MoCIIP), have introduced technical standards and frameworks to nurture innovation within the sector. The continued growth of the drone ecosystem also supports youth entrepreneurship and the integration of advanced technologies—such as AI-powered logistics and smart agriculture—into national development strategies. 2025 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
4 days ago
- Business
- Zawya
Oman eyes strategic share of global polysilicon market
MUSCAT: With the Sultanate of Oman just months away from commissioning its $1.6 billion polysilicon production facility in SOHAR Port and Freezone, Oman is set to rank second only to China as one of the world's largest producers of this strategic commodity — central to the global solar photovoltaic (PV) manufacturing industry. United Solar Polysilicon, slated for launch before the end of this year, will be the first polysilicon project in the Middle East. Once fully operational, the plant — designed with an annual production capacity of 100,000 tonnes — will position Oman as the second-largest producer globally, with an estimated 4.4 per cent share of worldwide capacity. 'The project aims to position Oman as a key player in the global photovoltaic (PV) manufacturing supply chain, reducing dependency on China-based production,' said the Oman Investment Authority (OIA), which has invested $156 million in the venture through Future Fund Oman (FFO), a platform that supports investments in strategic sectors of the Omani economy. China remains a polysilicon manufacturing powerhouse, accounting for around 93 per cent (equivalent to 2 million tonnes per year) of the world's total production capacity of 2.1 million tonnes. A distant second is Germany, with a 2.9-per cent share (65,000 tonnes), followed by the United States and Malaysia, each with 1.5 per cent (34,000 tonnes). In value terms, the global market was estimated at $34.3 billion as of end-2023. According to OIA, the decision to site the polysilicon project in Oman was based on several competitive advantages, foremost among them government support. 'A national negotiation team streamlined discussions, ensuring a smooth process for securing leases, utilities and incentives,' noted Oxford Business Group in an Impact Report on Future Fund Oman. Other factors influencing the investment decision included: Competitive electricity prices, crucial for maintaining profit margins; Proximity to SOHAR Port and Freezone, enabling efficient import of raw materials and export of finished products; Access to the US market via the Oman–US Free Trade Agreement (FTA), allowing tariff-free exports; and a favourable regulatory environment. In addition, the project grants Oman a strategic entry into the global solar renewables supply chain. Detailing the production process, the Impact Report explained: 'The solar PV manufacturing process begins with the production of high-purity polysilicon, which is then melted and shaped into cylindrical ingots. 'These ingots are sliced into thin wafers, forming the base for solar cells. The cells undergo various treatments to enhance their efficiency in converting sunlight into electricity. 'Finally, the cells are assembled into modules (solar panels) ready for installation in energy systems. This process is critical to the growth of renewable energy infrastructure worldwide.' Currently, around 4,000 contractual construction workers are engaged in building the sprawling complex, which spans 160,000 m² within the SOHAR Port and Freezone. During the operational phase, the plant will employ 1,000 to 2,000 staff, with Omanisation targeted at 70 per cent by 2030 through a combination of training and technology transfer programmes. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
5 days ago
- Business
- Observer
Oman eyes strategic share of global polysilicon market
MUSCAT: With the Sultanate of Oman just months away from commissioning its $1.6 billion polysilicon production facility in SOHAR Port and Freezone, Oman is set to rank second only to China as one of the world's largest producers of this strategic commodity — central to the global solar photovoltaic (PV) manufacturing industry. United Solar Polysilicon, slated for launch before the end of this year, will be the first polysilicon project in the Middle East. Once fully operational, the plant — designed with an annual production capacity of 100,000 tonnes — will position Oman as the second-largest producer globally, with an estimated 4.4 per cent share of worldwide capacity. 'The project aims to position Oman as a key player in the global photovoltaic (PV) manufacturing supply chain, reducing dependency on China-based production,' said the Oman Investment Authority (OIA), which has invested $156 million in the venture through Future Fund Oman (FFO), a platform that supports investments in strategic sectors of the Omani economy. China remains a polysilicon manufacturing powerhouse, accounting for around 93 per cent (equivalent to 2 million tonnes per year) of the world's total production capacity of 2.1 million tonnes. A distant second is Germany, with a 2.9-per cent share (65,000 tonnes), followed by the United States and Malaysia, each with 1.5 per cent (34,000 tonnes). In value terms, the global market was estimated at $34.3 billion as of end-2023. According to OIA, the decision to site the polysilicon project in Oman was based on several competitive advantages, foremost among them government support. 'A national negotiation team streamlined discussions, ensuring a smooth process for securing leases, utilities and incentives,' noted Oxford Business Group in an Impact Report on Future Fund Oman. Other factors influencing the investment decision included: Competitive electricity prices, crucial for maintaining profit margins; Proximity to SOHAR Port and Freezone, enabling efficient import of raw materials and export of finished products; Access to the US market via the Oman–US Free Trade Agreement (FTA), allowing tariff-free exports; and a favourable regulatory environment. In addition, the project grants Oman a strategic entry into the global solar renewables supply chain. Detailing the production process, the Impact Report explained: 'The solar PV manufacturing process begins with the production of high-purity polysilicon, which is then melted and shaped into cylindrical ingots. 'These ingots are sliced into thin wafers, forming the base for solar cells. The cells undergo various treatments to enhance their efficiency in converting sunlight into electricity. 'Finally, the cells are assembled into modules (solar panels) ready for installation in energy systems. This process is critical to the growth of renewable energy infrastructure worldwide.' Currently, around 4,000 contractual construction workers are engaged in building the sprawling complex, which spans 160,000 m² within the SOHAR Port and Freezone. During the operational phase, the plant will employ 1,000 to 2,000 staff, with Omanisation targeted at 70 per cent by 2030 through a combination of training and technology transfer programmes.
Zawya
24-07-2025
- Business
- Zawya
Future Fund Oman approves projects worth $2.5bln
Future Fund Oman (FFO) has demonstrated positive performance during its first year of operations, having approved 44 projects with a total project value of approximately RO 1.2 billion. FFO's contribution to these projects amounted to RO 333 million, while foreign capital contributions reached RO 885 million. This reflects growing international confidence in Oman's investment environment, according to a report by the Oxford Business Group (OBG) covering FFO's performance in 2024. The report highlighted the Fund's pivotal role in stimulating economic diversification and expanding the investment base in line with Oman Vision 2040. The report noted that Oman Investment Authority (OIA) established FFO with a capital of RO 2 billion, to be allocated over five years, as a key instrument to support sustainable growth and enhance the resilience of the national economy. The Fund operates within a comprehensive strategic framework designed to stimulate investment in promising high-potential sectors such as industry, renewable energy, ICT, agriculture, fisheries, and tourism, alongside emerging fields such as e-commerce, fintech, and electric vehicles. The report also emphasized that FFO's role goes beyond providing capital; it aims to empower SMEs, support venture capital firms, and foster an innovation ecosystem. This aligns with the Fund's structure, which allocates 90% of its capital to major national projects, while 10% is dedicated to supporting SMEs and venture-backed startups. Through this strategic capital distribution, the Fund complements the National Development Fund (NDF) and the Future Generation Fund (FGF), working together towards realizing Oman's Vision 2040. The report praised the recent legal and regulatory improvements in Oman aimed at attracting foreign investment and diversifying income sources. These reforms include the introduction of a new law allowing 100% foreign ownership in most sectors, the launch of the 'Invest in Oman' platform as a unified digital gateway to streamline licensing procedures, and the update of the list of activities prohibited for foreign ownership, now reduced to only 123 activities. Other initiatives include the implementation of the privatization law, which enabled transferring government assets to the private sector and international investors through IPOs. As a result of these improvements and OIA's efforts, FFO has been able to contribute significantly to the national economy through quality projects approved during its first year. These projects include investment funds, major national projects, and initiatives supporting SMEs and startups. The report highlighted the Fund's collaboration with Chinese partners to launch two investment funds. The first, the 'IDG Oman Fund', was launched in partnership with 'IDG Capital' to invest its entire capital of USD 200 million within Oman, targeting ICT, renewable energy, and electric vehicles. The fund focuses on attracting foreign direct investment and supporting the growth of advanced industries and clean technologies, marking a strategic step towards building an advanced industrial base in the Sultanate of Oman. In addition, FFO partnered with the Chinese firm 'EW Partners', which focuses on investments in the Middle East and North Africa, developing an investment platform that connects leading Chinese companies with expansion opportunities in the GCC. The partnership resulted in the establishment of the 'EWTP Oman Fund' with a capital of USD 250 million, aiming to invest the entire amount within Oman in sectors such as ICT, renewable energy, tourism, and agriculture. This fund's importance lies in its focus on attracting leading Chinese industrial companies to establish their regional operations in Oman, creating local job opportunities, and strengthening supply chain capabilities, which aligns with the OIA's 'Oman Angle' philosophy. In addition to creating investment funds, FFO has undertaken a crucial role in supporting major national projects such as the United Solar Polysilicon Plant in Sohar Free Zone. This project is the largest of its kind outside China, with a production capacity of 100,000 tons of polysilicon. Abdulsalam al Murshidi, President of OIA, highlighted the project's added value in his interview with OBG, saying: 'FFO has successfully established a value chain in Oman by investing in the United Solar Polysilicon plant in Sohar, reinforcing Oman's position as an influential player in the renewable energy sector.' According to the report, this project is expected to enable Oman to capture 4.4% of the global polysilicon market, estimated at USD 37.3 billion. The report also noted FFO's support for SMEs and startups, having approved several related projects, including Q-Pay, Oman's first certified 'Buy Now, Pay Later' provider; Bima, a digital insurance services platform; and the SERB Project for managing drone traffic. Furthermore, the report detailed the FFO's five-year strategic vision (2024–2028) and its expected economic impact. Projects approved by FFO in 2024 alone are anticipated to create over 1,600 direct jobs, diversify the economy to reduce reliance on oil and gas, empower entrepreneurial ventures, and foster innovation. These objectives align with the pillars of Oman Vision 2040, which aims to build a productive and diversified economy led by the private sector, support sustainable development through clean energy and green industries, create jobs, develop local talent, and transfer knowledge to Omani workers while strengthening local and international partnerships in renewable energy and advanced technologies. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Observer
23-07-2025
- Business
- Observer
SafaQat secures investment to scale digital procurement
MUSCAT: The Omani digital procurement platform SafaQat — meaning 'Deals' — has successfully closed a funding round with Future Fund Oman and Idrak Group, signalling growing investor confidence in homegrown tech ventures that support the Sultanate of Oman's digital economy goals. Supervised by the Small and Medium Enterprises Development Authority (Riyada), SafaQat is a pioneering venture launched by four brothers — Majed, Sulaiman, Ibrahim and Al Moatasem al Saifi — from the Wilayat of Nizwa. The idea for the platform was born during the Covid-19 lockdowns, initially inspired by the simple act of exchanging quotations through messaging apps, which revealed market readiness for a streamlined digital solution. The brothers used their combined expertise, particularly in tendering, to develop a comprehensive and competitive digital platform. Each of them managed a core function based on their respective specialisations, contributing to the project's structured growth. According to co-founder Al Moatasem, SafaQat faced several early-stage hurdles, notably in building market trust and shifting user behaviour. However, the team tackled these through adaptive development, user feedback and by demonstrating the platform's flexibility and value to institutions. Al Moatasem described the investment from Future Fund Oman and Idrak Group as a strategic milestone, saying the support goes beyond financial backing. 'These partners believe in the vision of investing in Oman's future economy and in empowering Omani youth', he said. The new capital will be used to enhance SafaQat's technical infrastructure, improve the user experience, recruit local talent, expand services to the public sector and support regional and international expansion. To date, SafaQat has recorded 2,486 users, 1,260 tenders and procurement opportunities; and 2,784 registered suppliers and companies, reflecting its fast-growing presence in Oman's digital procurement landscape. The platform has earned multiple accolades, including second place in the Omani Startup Accelerator's live pitch, recognition as the Best Growing Company and top rankings among Omani e-commerce stores. It also won in the Jadarah 2024 initiative. SafaQat has represented Oman at major regional and global events such as Comex 2024, Biban 24 in Riyadh, the Web Summit in Doha; and LEAP 25 in Saudi Arabia, further reinforcing its position as a key national tech player. Built with smart tools such as real-time dashboards, bidding algorithms and automated alerts, the platform is currently working on AI-based bid analysis and price forecasting tools, aligning with Oman's digital transformation objectives. Beyond business, SafaQat has launched social initiatives to train jobseekers as sales representatives through online practical courses, helping create self-employment pathways. It also offers free registration, technical support and awareness programmes for small and medium enterprises (SMEs), contributing to a more inclusive digital economy. — ONA
