Muscat: Ithraa has signed a memorandum of understanding (MoU) with The Research Council (TRC) to drive investment into the Sultanate's research and development (R&D) sector. Key to the MoU is Rusayl-based Innovation Park Muscat which is slated to become an incubator for innovation and home to world-class hi-tech companies.
The two year partnership pact was signed by HH Sayyid Shihab bin Tariq Al Said, Adviser to His Majesty Sultan Qaboos and Chairman of The Research Council, and Dr Salim ben Nasser Al Ismaily, Chairman of Ithraa.
Faris Al Farsi, Ithraa's Director General for Investment Promotion, said, "The partnership will tap into Ithraa's experience of promoting Oman's inward investment offer. Together, Ithraa and TRC will support joint research projects, mentor entrepreneurs and pave the way for the development of new products and services. It's a very exciting prospect."
Dr Abdulbaqi Al Khabouri, Director of Science Parks Department at The Research Council, commented, "The MoU will support TRC's Innovation Park Muscat (IPM) project by attracting investment as well as R&D centres of a multinational corporation to be set-up on the Park. Through their extensive network of international representatives, Ithraa will help us promote the benefits and incentives offered by IPM to investment funds as well as private R&D institutions. Indeed, IPM will play a key role in Oman's scientific, economic and social development, particularly in the areas of renewable energy, health science, food and biotechnologies, environment and water resources."
Ithraa's Director General for Investment Promotion concluded: "Ithraa is proud of this partnership. It will undoubtedly lead to a better understanding of the importance of R&D for economic growth, scientific progress and international competitiveness."