ADQ, an Abu Dhabi-based investment and holding company, recently announced the launch of a USD 180 million technology-focused fund, Jasoor Fund (the Fund), with Oman Investment Authority (OIA) and represented by ITHCA Group. This commitment is part of a broader framework agreement signed between both parties in 2022.
Industry sources added that the funding is focused on bolstering the digital economy in the Sultanate as well as the wider MENA region by aiding high-growth technology companies in sectors such as FinTech, EdTech, HealthTech, cleantech, food and agriculture, and logistics.
Industry sources further added that their core focus will be on innovative technology companies established in the Sultanate, in addition to technology startups in other countries in the region. It will undertake investments in high-growth technology companies at various stages of development that have established business models.
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, stated “Building on ADQ’s strategic partnership with OIA established in 2022, 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. Together, we will continue to advance trade and promote investments that will contribute to the growth of both economies.”
His Excellency Abdulsalam Al Murshidi, President of the Oman Investment Authority, stated: “The establishment of a technology-focused fund with ADQ marks a pivotal moment for Oman’s technology sector. Through this strategic partnership and the significant commitment by ADQ which underpins it, 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.”
Said Abdullah Al Mandhari, Chief Executive Officer of ITHCA Group, stated: “The establishment of the Jasoor Fund aligns with our venture capital investment strategy, focusing on funding contemporary, emerging, and cutting-edge technological projects, while also providing Omani youth with opportunities to develop their ventures and expand globally.
In 2022, ADQ and OIA identified investment opportunities worth over USD 8 billion in core diverse sectors of Oman’s economy. The partnership focuses on contributing to a surge in economic cooperation and trade between both nations.
