Muscat’s Tech Ecosystem By the Numbers
Oman
Muscat
MEMBERS:
The Rising Omani Startups Programme
"We are aware of the importance of the small and medium enterprises sector and the entrepreneurship sector, especially startups that are based on innovation, artificial intelligence, and advanced technologies. We are training young people and enabling them to take advantage of the opportunities offered by this vital sector to be a basic building block in the national economy.”
Highlights
The capital city of Oman, Muscat is home to a number of evolving startups backed by innovative local and international venture capital funds, angel investors, government funds, and initiatives. It is a business-friendly environment ideal for entrepreneurs, with a surplus of high-quality engineering and business graduates with an entrepreneurial mindset. Its diverse talent pool includes software developers, marketers, designers, and business strategists.
Oman’s Vision 2040 signifies a shift from an oil-dependent economy to a sustainable, prosperous, and diverse economic landscape financed by $39 billion in investments and 6,500 industrial projects offering 270,000 job opportunities. Vision 2040 programs foster innovation, enhance competitiveness, and identify sectors for development. Special Economic Zones and Industrial and Logistics Zones create hubs to facilitate trade and attract investment. With a deep sea port, airport, and a range of industrial and commercial facilities, the Duqm Free Zone is the nation’s flagship logistics project.
In April 2024, The Supervisory Committee of the Promising Omani Startups Programme announced it would launch a VC fund to empower entrepreneurs, attract investments, and support tech-based companies. The Oman Future Fund, with capital of $5.2 billion over five years, aims to attract foreign investment and boost investments in local SMEs. Abu Dhabi’s ADQ and Omani Investment Authority launched the $180 million Jasoor Fund, a technology-focused fund to bolster the digital economy based on investment opportunities identified in Oman worth $8 billion.
In April 2024, integrated logistics provider Asyad Group partnered with national telecommunication company Omantel to launch an innovative accelerator program aimed at empowering local tech startups in the logistics industry. The Promising Omani Startups Forum was held in Muscat in December 2023, drawing 1,500 participants.
Ecosystem by the Numbers
NUMBER OF UNICORNS
(H2 2021 - 2023)
Sub-Sector Strengths
Cleantech
Oman will invest $30 billion to become the world’s largest green hydrogen hub. In December 2023, Samsung C&T joined Oman’s Salalah H2 Green Ammonia Project. In November, Muscat hosted the International Solid Waste Association World Congress 2023, showcasing its commitment to sustainability and waste management. The Green Mobility program aims to achieve net zero carbon emissions by 2050. In 2024, UAE energy giant ADNOC and award winning Omani carbon removal company 44.01, with MASDAR and FNRC, announced the completion of their joint mineralization project in Al Fujairah.
Industry 4.0
Oman specializes in Deep Tech with an emerging strength in Industry 4.0. Oman’s digital transformation market is expected to reach $3.5 billion in the next five years, driven by Industry 4.0. Industry 4.0 has the highest amount of funds raised, the largest number of early- and late-stage companies, and the highest local demand potential. In 2024, OIA announced plans to invest in semiconductor manufacturing companies globally. In January 2024, Construction Tech company Innotech won $500,000 during the Beban TV show, the region’s first private-public investment platform.
Fintech
Muscat nurtures active collaboration between regulators, experts, and leaders, such as Central Bank of Oman (CBO) and ITHCA’s collaboration agreement signed in January 2024 to support Fintech growth. In 2023, CBO launched the Fintech Framework and Roadmap to foster innovation. Fintechs Mamum and Triterras partnered in December 2023 to bolster trade finance and short-term lending in Oman. Fintech Digital Coin Company won the ITHCA Pitch Battle Competition 2023 for its finance management app. In 2024, Forbes ranked Thawani in the top 50 strongest Fintech companies in the Middle East.
Reasons to Move Your Startup to Muscat
Strategic Location
Muscat’s location and Oman’s neutral political environment makes it ideal for international trade and commerce, positioning it as a logistics hub for regional and global investments that is open to all. Its position on the Arabian Sea makes it a prime hub for shipping and air freight. With a heavily-invested transportation infrastructure, it is a prime gateway to Asia, Africa, and the Middle East.
Business-Friendly Environment
Oman’s free-trade zones include Duqm Free Zone, Sohar Free Zone, Salalah Free Zone, Maziona Free Zone, Innovation Park Muscat, and Knowledge Oasis Muscat, offering tax exemptions for investors and 100% foreign ownership. Oman is developing incentives for foreign investors, including a program of tax and fee incentives, permissions to invest in several new industries, lower government fees, expanded land use, and increased access to capital for qualifying companies.
Dedicated Support
Muscat’s rich network of startup support includes incubators, accelerators, educational institutions, government entities, business councils, and investors. The Rising Omani Startups Program hosted the Investment and Startup Summit in December 2023 to bolster technology and innovation startup growth. In September 2023, the Authority for Small and Medium Enterprises Development launched the Sadder training program to enhance SMEs’ global presence and boost Omani exports.
Selected Startup Organizations
Startup Genome Members
MEMBER
The Rising Omani Startups Programme
The Rising Omani Startups Program is a three-year national program aimed at stimulating the ecosystem of emerging startups based on advanced technology and innovation in the Sultanate of Oman, contributing to spreading the culture of startups in educational institutions, enhancing community awareness of their importance, and escalating the Omani startups to the regional and global markets. The program has three main pillars: capacity building, financing and investing, and a supportive regulatory framework.
Key Ecosystem Players
The Ministry of Transport, Communications and Information Technology
The Ministry of Higher Education Research and Innovation (MOHERI)
News from the Ecosystem
Explore more ecosystems
Get connected
Are you interested in diving deeper into this ecosystem? Drop us a message. Our Ambassadors and Partners can plug you in.