Rihal: Oman's SaaS Startup That Raised $7.5M and Hit 300 Staff

Muscat-based Rihal — legally Data Migration and Services LLC — has quietly scaled into a 300‑person enterprise SaaS business, closing a $7.5 million first tranche of a targeted $15 million Series A in September 2025 led by ITHCA Group, the tech investment arm of the Oman Investment Authority. The company serves major local clients including Omantel, Bank Muscat and Petroleum Development Oman (PDO), has grown at a 119% compound annual growth rate since 2021, and ranked third on Deloitte's Middle East Technology Fast 50 with 2,441% growth over four years.

"This investment is a testament to the hard work and dedication of our entire team. Since our seed round, we have been laser-focused on sustainable growth, building a strong, diverse team, and delivering exceptional value to our clients," said Azzan Al Kindi, CEO and co‑founder of Rihal.

Founded around 2018 by Azzan Al Kindi, Asim Al Shabibi and Waleed Al Harthi, Rihal has transitioned from a data‑migration specialist into a productized software vendor and systems integrator. The company now markets four named cloud products: Jadawel, a collaboration and database platform with an AI analysis layer; Eysal, an invoice processing and automation tool; Hasad, a time‑tracking system for professional services billing; and Iqraa, an AI document extraction platform designed to pull structured data from both structured and unstructured records.

• Team and talent: Rihal reports a headcount north of 300, with 80% in technical roles, 90% Omani nationals and 43% women.
• Clients and sectors: Public case studies and partner listings tie Rihal to government e‑services projects, Omantel, Bank Muscat, PDO and Omran, reflecting a focus on telecom, banking, government and oil & gas customers.
• Technology and delivery: The company has been an OutSystems partner since 2022, using low‑code to accelerate web and mobile e‑services, and promotes a proprietary "Rihal Data Engine" alongside in‑house machine learning that powers Jadawel AI and Iqraa's extraction models.

ITHCA Group framed the round as a strategic bet on local SaaS capability. "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," said Said Al Mandhari, CEO of ITHCA Group. Ameer Al‑Alawi, ITHCA's Director of Asset Management, added that "Rihal is one of those rare players with the right leadership, traction, and vision to scale beyond Oman and into the broader GCC."

Rihal combines product sales with consulting lines in Intelligent Process Automation, artificial intelligence, data management and software engineering — an approach that built enterprise relationships before the company productized those capabilities. Pricing for its enterprise products is negotiated contractually rather than published, consistent with direct sales into government and energy customers.

Outlook

Rihal is still seeking the second close to reach its $15 million Series A target and says the round remains open to strategic investors. With co‑founders bringing sector experience — Asim Al Shabibi previously managed large well projects at Schlumberger and Waleed Al Harthi worked on digital projects for Shell, PDO, BP, OQ and OLNG — the company is positioned to push further into government and energy accounts and pursue regional expansion across the GCC. How effectively it converts enterprise consultancy into scalable recurring SaaS revenue, while completing the Series A, will shape its next phase of growth.