Muscat: ITHCA Group concluded its participation in the GITEX Global 2022, held in Dubai between October 10 and 14 October at Dubai World Trade Centre. GITEX Global 2022 has seen the participation of about 5000 companies operating in the field of technology.
At the conclusion of the participation of ITHCA Group in the event, Oman Technology Fund, one of the companies of the group, was announced as winner in the $1 million investment opportunity companies out of 30 emerging companies.
The celebration was organised at the stage of Za’abeel 6 of North Star, allocated for emerging companies, in the presence of CEOs of the companies, a number of investors, businessmen and visitors.
Mahmoud bin Mohammed Al Lawati, Founding Partner and CEO for Technology at Nashid Digital Identity Platform said that the event brought together various companies which provided the participants with the motivation to acquaint with the latest developments in the world of business and the opportunity for meeting with investors and potential customers and the possibility of communicating with them following conclusion of the event as to establish strong relations between them and the participating companies.
Regarding Nashid Platform, Al Lawati said that Nashid is a company operating in the field of technology, mainly the Blockchain technology to enhance the use of identities by users in order to reach the service providers without the need for visits to the branches. Nashid is also a mobile application which can be used for establishing relations with the service providers such as banks, telecommunication companies and other companies. First, the relation is established with such parties and whenever verification of identity is required at any time, such parties can be directly communicated with, he added.
Nashid is an emerging company and obtained the initial investment two months ago and has proceeded with digitalising identity cards and passports as part of its product, he said adding that the company is under trial stage. The investment obtained through the competition would help in establishment of the product and in initiation of an integrated application.
He also pointed to that the $1 million allocated in the competition was for all winning companies where some companies got $50,000 to $200,000. Thirty companies participated in the competition out of which nine have been selected and each company secured the investment requested as the capital of the company. This capital is known as venture capital as it would be used in new fields and technologies that could be exposed to risks, he added.
