In line with the government’s commitment to support startups and enhance investments that promote innovation and entrepreneurship, Oman Investment Authority (OIA) – represented by its venture capital arm Innovation Development Oman (IDO – has announced its investment in a new MENA fund launched by Singapore’s leading venture capital firm, Golden Gate Ventures (GGV). The new fund targets startups in the Middle East, and has a capital of $100 million.

This partnership aims to empower Omani startups, stimulate and attract direct foreign investments, and transfer valuable expertise to the local market. It will also create job opportunities for Omani youth and support the establishment of research and development centers, thereby reinforcing Oman’s position as a regional hub for innovation and technology investment.

GGV kicked off its regional investments by investing in the Omani company Bayanat, specializing in data analytics solutions delivered via a Software-as-a-Service (SaaS) model. This reflects OIA’s commitment to having an Omani dimension in its international investments while adding value to the national economy. This move underscores OIA’s focus on supporting startups while advancing the national objectives of Oman Vision 2040, strengthening the digital economy and empowering local entrepreneurs.

Ibrahim Said Al Eisri, Chief Investment Officer-Private Markets at Oman Investment Authority, stated that the partnership is part of broader efforts to diversify investments and enhance the Omani dimension in its international projects by redirecting investments into local sectors. This strategy is expected to drive economic development and promote technological innovation. Additionally, the initiative supports OIA’s national agenda by investing in future-oriented sectors such as renewable energy, technology, artificial intelligence, and medical technology, while also creating sustainable business opportunities for local enterprises and employment for youth.

On his turn, Michael Lints, Partner at the Middle East and North Africa Fund, GGV, noted that this collaboration with OIA represents a significant milestone in the GGV’s journey to actively shape the future of innovation and entrepreneurship in the region. He emphasized that the partnership lays a solid foundation for expanding and enhancing sustainable value for investors.

As part of this cooperation, GGV plans to establish an office in the Sultanate of Oman. This development will strengthen the firm’s investments in Omani startups, attract local talent, and support early-stage ventures. It will also enhance ties with the investment ecosystem in Southeast Asia, accelerating the inflow of foreign investment into the local market.

GGV was founded in 2011 and has invested in more than 100 companies across Asia, the United States, and Europe, including nine Unicorns (startups that reached a valuation of $1 billion). The recent establishment of this MENA Fund further strengthens its regional presence.

This investment marks a continued effort to diversify the Future Generations portfolio managed by OIA consisting of its international investments across various sectors.

Through these investments, OIA aims to support economic growth and enhance financial sustainability in alignment with Oman Vision 2040, which seeks to establish the Sultanate of Oman as a leading investment destination both regionally and globally.