$20mn Investment in US Firm to Strengthen Oman's Tech Ecosystem
ITHCA Group, the technology investment arm of Oman Investment Authority, has invested $20mn in US-based Movandi, a semiconductor and wireless connectivity firm.
The deal supports Oman's Vision 2040 goals to build a knowledge-driven and technology-based economy, focusing on artificial intelligence, semiconductors, and smart communications infrastructure.
Said bin Abdullah al Mandhari, CEO of ITHCA Group, said the investment reflects the company's commitment to building strategic partnerships with leading international firms in emerging technologies.
The investment aims to boost Oman's AI, semiconductor, and next-gen communication ecosystem, strengthening the sultanate's position in the advanced technology sector.
Author's summary: Oman invests $20mn in US firm to boost tech ecosystem.