SafaQat Secures Investment: Implications for Digital Procurement Growth in Oman’s Business Landscape
MUSCAT: The Omani digital procurement platform SafaQat, which translates to "Deals," has successfully completed a funding round with the support of Future Fund Oman and Idrak Group. This development reflects a heightened investor confidence in local technology ventures that align with Oman’s goals for a robust digital economy.
SafaQat, guided by the Small and Medium Enterprises Development Authority (Riyada), was founded by four brothers—Majed, Sulaiman, Ibrahim, and Al Moatasem al Saifi—hailing from the Wilayat of Nizwa. The concept for the platform emerged during the COVID-19 lockdowns, when the brothers realized the need for a more efficient digital solution for exchanging quotations through messaging applications.
Utilizing their combined expertise, particularly in tendering processes, the brothers created a comprehensive and competitive platform. Each brother took on a key role aligned with their respective skills, facilitating the structured growth of the venture. Co-founder Al Moatasem highlighted that SafaQat initially encountered challenges, particularly in gaining market trust and altering user behavior. The team addressed these obstacles through adaptable development, responsive user feedback, and demonstrating the platform’s practicality and value to institutions.
Al Moatasem described the investment from Future Fund Oman and Idrak Group as a significant strategic achievement, emphasizing that their support extends beyond mere financial contributions. “These partners believe in investing in Oman’s future economy and empowering Omani youth,” he remarked.
The new funding will enhance SafaQat’s technical infrastructure, improve user experience, facilitate recruitment of local talent, expand services in the public sector, and support both regional and international growth.
To date, SafaQat boasts a user base of 2,486, along with 1,260 tenders and procurement opportunities, and 2,784 registered suppliers and companies, underscoring its rapid growth within Oman’s digital procurement landscape.
The platform has received several accolades, including second place in the Omani Startup Accelerator’s live pitch, recognition as the Best Growing Company, and top rankings among Omani e-commerce stores. Notably, it triumphed in the Jadarah 2024 initiative. SafaQat has also represented Oman at significant regional and global events, including Comex 2024, Biban 24 in Riyadh, the Web Summit in Doha, and LEAP 25 in Saudi Arabia, reinforcing its position as a leading player in the national tech ecosystem.
Equipped with advanced tools such as real-time dashboards, bidding algorithms, and automated alerts, the platform is also developing AI-driven bid analysis and price forecasting features, aligning with Oman’s digital transformation goals. Beyond its business operations, SafaQat has initiated social programs to train jobseekers as sales representatives through online practical courses, fostering self-employment opportunities. Additionally, it provides free registration, technical support, and awareness programs for small and medium enterprises (SMEs), contributing to a more inclusive digital economy. — ONA
Special Analysis by Omanet | Navigate Oman’s Market
The recent funding success of SafaQat highlights a burgeoning confidence in Oman’s digital economy, presenting both opportunities and risks for businesses. As the platform enhances its technical infrastructure and expands its services, entrepreneurs and investors should consider positioning themselves to leverage the growth of digital procurement solutions while being mindful of evolving market dynamics. Engaging with innovative platforms like SafaQat could be crucial for staying ahead in a rapidly digitizing landscape.
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