Oman
Omani startup SafaQat raises funding to expand AI-powered procurement platform: SafaQat, an Omani digital procurement and purchasing platform, has successfully raised an undisclosed amount in strategic funding from the Oman Future Fund and the Idrak Group. The investment reflects growing confidence in local technology ventures and their role in building a sustainable digital economy.
Supervised by the SME Development Authority (Riyada), SafaQat was founded by four brothers from the Wilayat of Nizwa — Majed, Sulaiman, Ibrahim, and Al Moatasem Al Saifi — during the COVID-19 lockdowns. The platform evolved from a simple quote-sharing tool into a comprehensive solution supporting competitive procurement through digital tenders.
“This investment represents a qualitative leap. It’s not just financial; it’s about believing in the future of Oman’s digital economy and empowering youth,” said co-founder Al Moatasem Al Saifi. The funding will be used to improve technical infrastructure, user experience, and AI capabilities; expand into government procurement; and scale to new markets.
SafaQat currently hosts over 2,486 users, 1,260 tenders, and 2,784 registered suppliers, positioning it as a national leader in digitising procurement and supply chains. The platform has received multiple accolades, including recognition at Jadarah 2024 and the Omani Startup Accelerator.
Looking ahead, SafaQat will focus on building AI-powered tools for bid analysis and price forecasting while continuing to support local SMEs through training, free onboarding, and community-driven campaigns.
