Madayn establishes Centre for Innovation and Entrepreneurship

19/09/23

The Public Establishment for Industrial Estates (Madayn) and the Oman Indian Fertiliser Company (Omifco) recently signed an agreement to establish the Omifco Centre for Innovation and Entrepreneurship in Sur Industrial City.

The agreement will support the plans of Sur Industrial City and the Governorate of South Al Sharqiyah. The centre is expected to become operational within 24 months and will provide various services to entrepreneurs, including shared workspaces or private offices. It will also offer technical support, consulting services, training programmes and seminars.

In further entrepreneurial news, a recent report from The Startup Genome, a global startup research organisation, values the Omani startup ecosystem at OMR 115.8 million (USD 301 million).

The report identified ecommerce, clean technology and financial technology (fintech) as the most lucrative industries for startups and investors in Oman. It also predicted that the Omani ecommerce market will be worth OMR 333.9 million (USD 868 million) by 2025.

Further promoting entrepreneurship, the Central Bank of Oman (CBO) in collaboration with Omantel, is offering a Fintech accelerator to develop promising startups. It aims to support startups through mentorship, training, networking and fundraising support.

The accelerator will build on the success of the Programme for Promising Omani Startups, which was established in 2022. Its aim was to enhance the government's efforts to advance local capabilities in innovation and creativity and increase the competitiveness of the Omani economy. The programme will provide startups with the necessary support, and facilitating local and global investments.

Business Start Up Oman offers a network of experts and specialists within the lifecycle of a business. We offer expertise in Market Research and Assessment Oman, Oman Business Case, Oman Business Model Development, Feasibility Study and Business Plan Oman, Organizational and Operational Structuring Oman, Oman Sponsorship and Partnership, Company Formation Oman among others.

Please click on the link to learn more about the opportunities and possibilities in the Sultanate of Oman as well as the initiatives of Business Start Up Oman.

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