Latest news with #ITHCAGroup
Zawya
07-05-2025
- Business
- Zawya
ITHCA invests in US chip firm to boost Oman's tech vision
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. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
Muscat Daily
06-05-2025
- Automotive
- Muscat Daily
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.
Times of Oman
06-05-2025
- Business
- Times of Oman
ITHCA invests in semiconductor technology
Muscat: ITHCA Group on Tuesday signed an investment agreement with US firm Lumotive in the field of programmable semiconductors. The agreement was signed Eng. Said Abdullah Al Mandhari, CEO of ITHCA Group, and Sam Heidari, CEO of Lumotive. The investment constitutes a strategic step in the march of ITHCA group, boosting its role in supporting global innovators and backing the Sultanate of Oman's semiconductor ambitions. It also aligns with Oman's national digital transition plan under Vision 2040, which seeks to promote Oman as a regional hub for advanced technologies and knowledge-based economy. Lumotive has received international recognition, including three CES Innovation Awards and an advanced place on the "Next Big Thing in Tech" list. This affirms the US firm's role as a game changer in the field of optical semiconductors.
Observer
16-04-2025
- Business
- Observer
ITHCA and Yango join hands to acquire Otaxi
MUSCAT: In a landmark step to propel Oman's digital revolution, ITHCA Group – the ICT investment arm of the Omani government - has partnered with pioneering technology firm Yango Group to officially bring the Yango ecosystem to the Sultanate of Oman. The strategic collaboration will play a key role in propelling Oman's Vision 2040 and positioning Oman as a competitive digital hub in the region. As part of the launch, ITHCA and Yango have completed the acquisition of Otaxi, a prominent Omani mobility platform. With support from the Ministry of Transport, Communications and Information Technology (MTCIT), the partnership will enhance Otaxi's technology infrastructure to boost speed, accuracy, and service accessibility across all governorates. Eng Said bin Hamoud al Maawali, Minister of Transport, Communication and Information Technology Stated that Otaxi has been acquired by a leading global firm and a major local technology company, marking a significant milestone for the Sultanate's digital economy. Eng Al Maawali Said "Otaxi was founded seven years ago and has grown into a national success story. The acquisition deal includes a strategic partnership between the two firms, aimed at expanding beyond taxi services into entertainment, promotions, retail via quick commerce, and other key sectors." he stated Eng Al Maawali added "The move highlights the growing potential of Oman's tech landscape and the rising impact of local entrepreneurs." he ended. The new system will expand its range of services beyond taxi-hailing, including home delivery, car rental services, interactive maps, and more AI-driven offerings. These are all geared toward making Otaxi more international-standard compliant while also more integrated and customer-oriented experiences. Eng. Said bin Abdullah al Mandhari, ITHCA Group CEO, highlighted the potential of strategic acquisitions to be a game-changer, stating: "This is a watershed moment for Otaxi. Aligning with a world technology leader not only strengthens its presence in local and international markets but also enables rapid absorption of global best practices." He emphasized that these collaborations open new doors for Omani startups, speeding innovation, improving services, and paving the way for global competitiveness. Islam Abdul Karim, Yango Group Middle East Regional Head, commented: "Oman's digital growth is underpinned by ambitious national strategies. We are pleased to collaborate with ITHCA to introduce globally-proven technologies tailored to local needs. We are committed to creating sustainable economic value by servicing communities through innovative digital solutions." The launch of the Yango ecosystem in Oman reflects a broader commitment to public-private collaboration. It is part of national goals of economic diversification, job creation, and digital service development in priority sectors. The collaboration also shows that Oman is open to working with international innovators, building a robust and inclusive digital economy that invites investment, fosters entrepreneurs, and empowers citizens with affordable, forward-looking technologies.
Zawya
16-04-2025
- Business
- Zawya
ITHCA Group and Yango Group launch Yango ecosystem in Oman
As part of the launch, ITHCA Group and Yango Group have completed the acquisition of Otaxi Muscat, Oman – ITHCA Group has partnered with Yango Group, a global technology company, to officially launch the Yango ecosystem in Oman. This collaboration brings advanced digital solutions and AI-driven services to the Sultanate, supporting its ambitions to accelerate digital transformation and drive long-term economic growth. As part of the launch, ITHCA Group and Yango Group have completed the acquisition of Otaxi, a leading Omani mobility platform. In close coordination with the Ministry of Transport, Communications and Information Technology (MTCIT), ITHCA and Yango Group are enhancing Otaxi's technology stack — improving service speed, precision, accessibility, and scalability — with the aim to expand its operations across all governorates and broaden its service offering in areas such as delivery, rentals, smart maps, and more. These enhancements are designed to elevate Otaxi's performance in line with global best standards, reinforcing Oman's status as a digitally advanced economy. The launch aligns with Oman's Vision 2040 and supports national digital transformation efforts, complementing government programs to diversify the economy and enhance digital capabilities. Backed by a stable regulatory environment and strategic initiatives, the partnership introduces AI-powered services across sectors, rolled out in coordination with local infrastructure and regulations to match national priorities. Eng. Said bin Abdullah Al Mandhari, CEO of ITHCA Group, highlighted the transformative potential of acquisitions in driving business growth, market expansion and competitive advantage in both local and global markets. For emerging startups like Otaxi, such acquisitions provide unmatched opportunities to align with industry leaders, enrich operations and propel projects to international success, setting new standards in service delivery. Al Mandhari further emphasized that integrating Otaxi under the umbrella of a global player marks a critical turning point for the company, promising a swift transition to global operational standards. The full acquisition by ITHCA Group and Yango Global is expected to not only elevate Otaxi's operational benchmarks to international levels but also strengthen its presence in local and international markets. Moreover, this strategic alliance is anticipated to diversify Otaxi's service offerings across various sectors, such as: "Home delivery, vehicle rental services, interactive maps, and other services." fostering comprehensive service integration and enhancing the overall customer experience. Islam Abdul Karim, Regional Head of Yango Group Middle East, added: 'The digital momentum in Oman is strong and supported by bold national initiatives. Yango Group is proud to partner with ITHCA Group in delivering globally-proven, locally-tailored solutions. Our ecosystem is designed to support real-world needs, empower communities, and create long-lasting economic impact through technological innovation.' The Yango ecosystem launch demonstrates a practical example of public-private collaboration to deliver real economic and social benefits. It reinforces Oman's commitment to working with global partners to build a competitive, inclusive digital economy — one that empowers individuals, supports businesses, and attracts future investment.
