- SafaQat, Oman’s Digital Procurement Platform, Secures New Funding to Enhance Tech Infrastructure
- Funding round led by Oman Future Fund and ITHCA Group aims to support platform expansion
- SafaQat announced the completion of a new funding round in partnership with the Oman Future Fund and ITHCA Group, aiming to expand its digital procurement and supply service.
Omani digital procurement platform SafaQat has announced the successful completion of a new funding round, with the participation of the Oman Future Fund and ITHCA Group.
Funding Objectives
The investment aims to strengthen the platform’s technical infrastructure, improve user experience, attract national talent, and support the expansion of services to government entities and new markets.
SafaQat integrates a range of digital tools, including interactive dashboards, a notification system, advanced algorithms for bid sorting, and real-time reporting.
The company is currently developing AI-powered tools to analyze bids and forecast prices, in alignment with Oman’s national digital transformation strategy.
A Startup Under the Supervision of “Riyada”
SafaQat operates under the supervision of the SMEs Development Authority (Riyada).
It was established during the COVID-19 pandemic as a joint initiative by four brothers: Majid, Suleiman, Ibrahim, and Al Moatasem bin Majid Al Saifi.
The idea initially emerged from a simple method of exchanging price quotations via messaging apps, before evolving into a fully integrated digital platform.
Market Challenges
Commenting on the journey, co-founder Al Moatasem Al Saifi stated:
“The project benefitted greatly from the brothers’ collective experience in the procurement sector, with each taking on a specific role in developing the platform.”
He added that the key challenges included building trust with institutions, shifting market behavior, and encouraging the adoption of digital solutions.
He explained:
“We overcame these challenges by staying closely connected with users and continuously updating the platform based on their feedback and evolving need,”
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