Muscat, Oman: Rihal, a leader in the region’s technology and data services sector, today announced the successful first close of its Series A funding round, targeting a total raise of $15 million. ITHCA Group led this initial close with an investment of $7.5 million, reaffirming their confidence in Rihal’s strategic direction and exceptional growth trajectory.
This significant investment follows a period of remarkable development for Rihal since its seed round in 2021. Rihal has demonstrated an impressive CAGR of 119% since its launch, expanding its operations and making a substantial impact across key industries, including government, logistics, telecom, and oil and gas.
Rihal’s growth is powered by a highly skilled team of over 300 professionals, with 80% in technical roles. By building a scalable, tech-driven workforce that’s 90% local and 43% female, Rihal demonstrates both operational efficiency and a forward-looking approach to sustainable talent development, a model that can expand across emerging markets.
The new capital will accelerate Rihal’s expansion into regional and international markets, enabling the company to scale its proprietary platforms and tech solutions to meet rising global demand for advanced data and AI-driven products.
“This investment is a testament to the hard work and dedication of our entire team,” said Azzan Al Kindi, CEO of Rihal. “Since our seed round, we have been laser-focused on sustainable growth, building a strong, diverse team, and delivering exceptional value to our clients. The continued partnership with ITHCA Group provides us with the resources to embark on our next chapter of global expansion and solidify our position as a market leader.”
Said Al Mandhari, CEO of ITHCA Group, commented, “Rihal’s performance has been nothing short of exceptional. Their ability to rapidly scale, innovate, and penetrate diverse, high-value sectors is why we are proud to lead their Series A round. We are confident that this investment will propel Rihal to new heights, and we are excited to be a part of their journey as they expand internationally.”
“At ITHCA Group, we’re focused on doubling down on the companies in our portfolio that demonstrate both impact and momentum,” said Ameer Al-Alawi, Director of Asset Management at ITHCA Group. “Rihal is one of those rare players with the right leadership, traction, and vision to scale beyond Oman and into the broader GCC.”
This funding marks a new milestone for Rihal, positioning the company to further its mission of driving digital transformation and creating high-value opportunities both locally and globally.
A second close is now open, targeting strategic investors aligned with Rihal’s mission of delivering enterprise products that simplify data management and enable advanced data analytics across the region.
About Rihal: Rihal is a leading technology company specializing in Data, Software, and AI. By providing cutting-edge solutions and services, Rihal empowers a diverse client base across key sectors including government, logistics, telecom, and oil and gas.
About ITHCA Group: Established in 2019, ITHCA Group serves as the technology investment arm of the Oman Investment Authority. ITHCA Group takes a strategic approach to investment, focusing on businesses that can create long-term value for the Omani ICT Sector.