ADQ, the Abu Dhabi-based investment and holding company, in collaboration with Oman Investment Authority (OIA) and represented by ITHCA Group, today announced the launch of a $180 million technology-focused Jasoor Fund. This collaboration falls under a broader framework agreement that the two parties signed in 2022.
Investment in growing tech sectors
The technology-focused fund aims to bolster the digital economy in Oman and the broader Middle East and North Africa (MENA) region by supporting companies in FinTech, EdTech, HealthTech, cleantech, food and agriculture, and logistics. The Jasoor Fund will focus on supporting tech companies in Oman and startups across the region. Moreover, it will invest in high-growth technology companies with business models at various stages of development.
Commenting on the fund’s launch, Mohamed Hassan Alsuwaidi, managing director and CEO of ADQ, said: “The launch of Jasoor Fund reinforces our commitment to make investments that unlock the potential of key sectors of the economy while creating lasting value for stakeholders.” Alsuwaidi emphasized that together with the Oman Investment Authority, ADQ will continue to advance trade and promote investments that will contribute to the growth of both countries’ economies.
Read: Dubai announces global AI prompt engineering championship with over $272 million prize pool
Supporting digital transformation
For his part, Abdulsalam Al Murshidi, president of the Oman Investment Authority, emphasized the importance of launching a technology-focused fund with ADQ for Oman’s technology sector. “We are setting the stage for a new era of innovation and growth that will propel both nations into a future powered by digital transformation and technological advancement,” Al Murshidi stated.
Meanwhile, Said Abdullah Al Mandhari, CEO of ITHCA Group, reiterated the Jasoor Fund’s alignment with the group venture capital investment strategy which focuses on funding cutting-edge technological projects. Moreover, the group provides Omani youth with opportunities to develop their ventures and expand globally.
In 2022, ADQ and Oman Investment Authority identified investment opportunities worth over $8 billion in key sectors across Oman’s economy. Therefore, this partnership aims to contribute to the growing economic cooperation and trade between both nations.
For more news on technology, click here.
