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Omani technology startups can now expect an easier access to the U.K. market after the Omani Technology Fund (OTF) signed a memorandum of understanding (MoU) with London-based growth investment firm Hambro Perks (HP). Per the MoU, both entities will combine their expertise and resources to constitute a British-Omani technology Gateway. Among other benefits, this collaboration is expected to empower emerging technology companies in the Arab nation to expand beyond their home turf and enter one of the world’s most demand-heavy markets.

The MoU was inked by OTF CEO Yousef Al Harthy and his counterpart at HP, Dominic Perks. Reacting to this new development, Perks stated that the gateway will yield in a mutually beneficial relationship for all stakeholders by facilitating an ideal framework for exploring investment opportunities in the tech sector of both countries.

He added: “We are glad to be able to support UK-based startups that are looking to expand into the Omani market and the wider Middle East region. Moreover, Oman and the region have various exciting opportunities for HP as we start to invest globally and we are excited to explore this potential with the help of OTF. It promises to be a fruitful, rewarding and long-term relationship.”

Meanwhile, OTF also promised Omani startups that the MoU will lower the cost of entering overseas markets.