Latest news with #OmaniStartups
Times of Oman
7 days ago
- Business
- Times of Oman
Oman launches 'Space Accelerators Program' to boost local innovation
Muscat: The Ministry of Transport, Communications and Information Technology (MTCIT) has officially launched the "Space Accelerators Program," a strategic initiative designed to empower Omani startups in developing cutting-edge space-related solutions and services. This programme aims to cultivate innovation and entrepreneurship within the burgeoning space sector, while simultaneously creating a robust environment for investment in advanced technologies. This initiative is a key component of the Ministry's broader efforts to implement the national space policy and executive programme. It specifically targets objectives such as economic diversification and capacity building, with the ultimate goal of facilitating the transfer and localisation of space technologies and services through national entities. The year-long programme will be delivered by Phoenix Space and Technology Company in collaboration with Exotopic, a UK-based firm renowned for its expertise in accelerator programmes. The "Space Accelerators Program" is set to qualify ten local startups within the space sector, providing them with essential support to develop prototypes or commercially viable technological solutions. Beyond this, it seeks to enhance national skills in space innovation and establish a comprehensive network of local and international support for entrepreneurial ventures in the space industry. Dr. Saud bin Hamoud Al Shaaili, Director General of Policies and Governance and Head of the National Space Program at the Ministry, emphasised that this initiative is a dedicated national programme aimed at accelerating the growth of local space startups. He stated that it will enable them to develop commercially feasible space services and solutions within an integrated environment that offers crucial technical guidance, entrepreneurial training, and access to a vital network of partners and experts. This, he noted, will support the creation of a high-value, innovation-driven space industry. Dr. Al Shaaili further highlighted that the programme will foster a competitive environment, actively encouraging innovative solutions. The top three participating startups will be awarded incentive prizes, designed to help them establish sustainable operations that align with the strategic direction of the space sector. The programme's focus areas within the space industry are extensive, including communications, Earth observation and monitoring, geospatial analytics, navigation, drones, artificial intelligence and machine learning, advanced computing, data storage and preservation, the Internet of Things, spacecraft simulation environments, startup growth acceleration, and technological innovation.
Zawya
12-05-2025
- Business
- Zawya
Oman: $96mln financing programmes to boost entrepreneurs' diversity, sustainability
Muscat: Ten diverse financing programmes have been launched by the SME Development Authority (SMEDA) to empower entrepreneurs and meet their needs, ultimately enhancing their financial stability and capacity for expansion and development. The financing programmes cover essential areas such as financing industrial projects, developing working capital, supporting craft and productive enterprises, and financing incubators and accelerators. Additionally, there are programmes for contracts and emergency projects. The programmes have been well-received, with a total of 400 loan approvals, amounting to over RO 37,690,085. In order to enhance the innovation and entrepreneurship environment, the Authority has launched the Promising Omani Startups Programme in strategic partnership with various government agencies. This programme aims to promote the culture of startups in educational institutions, raise community awareness of their importance in supporting the national economy, empower individuals with innovative ideas, support the establishment of startups based on innovation and technology, and connect them to business, investment, and financing opportunities to enhance their competitiveness locally and globally. RO 37m financing programmes to boost entrepreneurs' diversity, sustainability As a result, 146 innovative startups have been established, and 62 entrepreneurs have received training in investment readiness and alternative financing in the past year (2024). Over 12,624 participants have benefited from programmes promoting a culture of entrepreneurship and alternative financing mechanisms. According to the Authority's statistics, 67 per cent of job opportunities created by financing programmes are for men, while 33 per cent are for women. The initiatives and programmes offered by the Authority reflect Oman Vision 2040, aiming to achieve sustainable development by boosting the entrepreneurship environment through financing, advisory solutions, and innovative programmes that contribute to building an integrated economic system supporting diversification and sustainability. The SME sector is expected to play a crucial role in strengthening Oman's position on the global economic map, fostering a culture of innovation and productivity. Entrepreneurs often require financial resources to turn their ideas into viable commercial projects, covering expenses like product development, market research, legal fees, and operational costs. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
