Two Ithca group companies ink investment partnerships with Saudi firm

Muscat: Ithca Group’s company “Innotech” signed an investment partnership with Saudi company “Forming Future”.

As per this agreement, Forming Future will join the investment round in Innotech Company to develop 3D printing technology in the real estate field, as well as expand in the Gulf and regional markets in the fields of building automation and manufacturing with 3D printing technology.

The agreement was signed by Eng. Othman Maktoum Al Mandhari, Founder and CEO of Innotech, and Eng. Sattam Ali, CEO of the Saudi Forming Future Company.

Moreover, Codeline Company, an affiliate of Rihal Company which is part of Ithca Group, signed an investment agreement with the Saudi company Forming Future.
As per this agreement, Codeline Company will provide training services in advanced software to the Saudi Forming Future Company in a bid to serve the expansion of this field and the exchange of expertise and experiences for both parties.

The agreement was signed by Eng. Azzan Qais Al Kindi, Chairman of Codeline’s Board of Directors and Eng. Sattam Ali, CEO of the Saudi Forming Future Company and Engineer Sultan Al Anazi, CEO of Codeline Saudi Arabia.

This agreement is considered a strategic start for the localisation of young cadres in the field of computer programming, which will be in the interest of both countries and will contribute to accelerating the growth and sustainability of emerging companies, which in turn will create many job opportunities.

Eng. Said Abdullah Al Mandhari, CEO of Ithca Group said that Ithca Group always seeks to support and motivate Omani companies to enter regional and global markets by obtaining investments from strategic investors from outside the Sultanate of Oman. This is to gain high technical capabilities to expand the operational business of Omani companies in new markets.

He added that the signing of the two agreements today comes as part of the group’s endeavour to increase exports to Omani technology companies; it will also have a positive impact in increasing the contribution of this sector to the gross domestic product (GDP) of the Omani economy.

It is worth noting that the “Forming Future” company is a company specialised in research and development services and empowering communities in innovation and entrepreneurship, headquartered in Riyadh, Saudi Arabia, and it invests in emerging technology companies in the region, especially in the field of the Fourth Industrial Revolution (4IR).