Friday, 1 December 2017
Irish business co investment with Oman
Enterprise Ireland backed companies Ding, iheed and mAdme today announced new deals with Oman partner companies. Enterprise Ireland and Atlantic Bridge also signed agreements with the Oman Technology Fund, which will further facilitate market entry in Oman for Enterprise Ireland clients and co-investment opportunities in Irish companies.
The announcements were made in Oman, as part of Enterprise Ireland’s trade and investment to the UAE and Oman, led by An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD. 32 Enterprise Ireland clients, some of whom are Brexit exposed, are taking part in the three-day trade mission, encompassing Enterprise Ireland business events and over 200 pre-arranged meetings with potential buyers in the Arab States.
Witnessing the contract signings today, An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD said “The international expansion that Ding, Iheed and mAdme have achieved is outstanding. World-class Irish companies are hugely important for our economy, delivering employment growth in Ireland. There has been a marked increase in Irish company exports to the UAE and Oman in recent years and the focus of my Department through our agencies, and trade missions is to support more companies particularly those who are Brexit exposed to achieve further market diversification and grow their international exports.
“The contract signing between Enterprise Ireland and the Oman Technology Fund represents a mutually beneficial opportunity for both countries to strengthen economic ties and pave the way for more opportunities for Irish companies in Oman. Also, the agreement reached between Atlantic Bridge with the Oman Technology Fund and OIF, Oman’s sovereign wealth fund, will deliver further value and opportunities for Irish companies”
iheed, a Dublin-headquartered, next-generation medical education technology company, announced today that it has secured a €3M investment led by Atlantic Bridge and joined by institutional investors Oman Technology Fund, ACT Venture Partners and leading e-learning private investors. On foot of this investment, iheed also announced that it is opening an office in Muscat, Oman, to support both local customers and expansion into broader MENA, East Africa and Asia regions. iheed, based at Trinity School of Medicine, has over 25,000 active students on programmes from the following countries, including; Qatar, Oman, UAE, Saudi Arabia, Kuwait, Sudan, India, Iraq, Pakistan, Syria, as well as UK and Ireland.
Ding, the world’s largest international mobile top-up platform, allows millions of users to send top-up to 400 mobile operators in 130 countries, reaching 4 billion phones, today announced the signing of an agreement with Asia Express Exchange Oman, as well as an MOU with OIFC Oman. Asia Express Exchange represents one of Oman's leading exchange houses, with over 30 branch locations across Oman. Oman Investment and Finance Co SAOG (OIFC) is an Oman-based investment and services company, specialized in billing, collection & debt factoring for electricity, water and telecom services in the Sultanate of Oman.
Irish company, mAdme, a leading digital marketing hub for mobile phone operators, today announced that Omantel, the number one telecommunications service provider for households and businesses in Oman, has chosen mAdme’s ImpactConversionTM Platform to further lead the telecommunications industry in customer experience and innovation. Omantel engages with millions of customers daily. mAdme ImpactConversionTM platform which increases revenue and profitability is currently powering mobile engagement with 100s of millions of mobile operator customers globally.
Enterprise Ireland today announced that it has signed an agreement with the Oman Technology Fund, the Oman Government’s technology investment fund. To date, Enterprise Ireland’s growing relationship with the Fund has facilitated market entry in Oman for Enterprise Ireland clients in sectors such as Telecoms and Fintech and acted as a bridge into Oman’s burgeoning ICT sector. Through the partnership, the Oman Technology Fund is seeking to draw on Ireland’s experience as a world leading technology start-up centre to develop its own local start-up eco-system suited to the needs of the Gulf region. The agreement will also advance the use of Ireland as a market hub for Omani companies seeking to expand their business into the EU.
Atlantic Bridge also announced that it has agreed a strategic investment partnership with the Oman Technology Fund and OIF, the sovereign wealth fund of Oman. Atlantic Bridge’s relationship with these funds enables significant investment into Atlantic Bridge III, in addition to co-investment opportunities for Irish companies looking to expand into MENA region via Oman.
Commenting on the trade mission and today’s announcements, Julie Sinnamon, Enterprise Ireland CEO said “The agreements reached by Ding, iheed and mAdme with Oman partners today reflect the significant opportunities that we see for Irish companies in Oman and the wider middle east region. In the context of Brexit, expanding the Irish export footprint in markets beyond the UK is a key priority for Enterprise Ireland and we have set ambitious targets to support our clients to grow exports to this region. Oman is a country of similar population to Ireland and there is significant scope not only in the ICT sector, but in Agritech, Food Production, Fisheries and Tourism sectors for Irish companies to expand their export footprint both into Oman and the wider Gulf region.”
“Establishing a formal partnership between Enterprise Ireland and the Oman Technology Fund will further accelerate this ambition. The trade mission to Oman is one of many initiatives we have focused on in the Oman market in 2017, and follows on from the visit of eight Irish ICT companies in March and a delegation in the Agricultural and Food Technology sector one week ago.”