ADQ, an Abu Dhabi-based investment and holding company, announced the launch of the $180 million technology-focused Jasoor Fund (the Fund) with Oman Investment Authority (OIA) and represented by ITHCA Group. This commitment is part of a broader framework agreement signed by both parties in 2022.
The Jasoor Fund aims to bolster the digital economy in Oman and the wider Middle East and North Africa (MENA) region by supporting high-growth technology companies in sectors such as FinTech, EdTech, HealthTech, cleantech, food and agriculture, and logistics. The Fund’s primary focus will be on investing in innovative technology companies established in Oman, as well as technology startups across the MENA region. It will target investments in businesses at various stages of development that have proven business models and demonstrate strong growth potential.
Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, expressed his enthusiasm for the partnership, stating, “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.”
Abdulsalam Al Murshidi, President of the Oman Investment Authority, emphasized the significance of the technology-focused fund for Oman’s tech sector, saying, “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, CEO of ITHCA Group, highlighted the alignment of the Jasoor Fund with the group’s venture capital investment strategy, which focuses on funding cutting-edge technological projects and providing Omani youth with opportunities to develop their ventures and expand globally.
The Jasoor Fund is expected to play a crucial role in fostering innovation, nurturing talent, and facilitating technological advancement in Oman and the MENA region. By providing capital and support to promising startups and established technology companies, the Fund will catalyze growth and drive digital transformation across various sectors.
The partnership between ADQ and OIA is a testament to the growing economic cooperation and trade between Abu Dhabi and Oman. In 2022, the two entities identified investment opportunities worth over $8 billion across key sectors of Oman’s economy, underlining the immense potential for growth and development in the region.
As the digital economy continues to evolve and grow, initiatives like the Jasoor Fund will become increasingly important in shaping the future of the MENA region. By supporting innovation, fostering entrepreneurship, and facilitating the adoption of new technologies, the Fund will contribute to creating a more prosperous and connected future for all.
The launch of the $180 million Jasoor Fund by ADQ and Oman Investment Authority represents a significant milestone in the development of the MENA region’s tech ecosystem. With its focus on supporting high-growth technology companies and nurturing homegrown talent, the Fund is poised to drive digital transformation and technological advancement across the region, creating a brighter and more prosperous future for all.
The Jasoor Fund’s impact on the MENA region’s tech landscape is expected to be far-reaching and transformative. By providing much-needed capital and strategic support to promising startups and established technology companies, the Fund will accelerate growth and drive innovation across various sectors. The focus on FinTech, EdTech, HealthTech, cleantech, food and agriculture, and logistics reflects the growing demand for digital solutions in these critical areas, which have the potential to improve the lives of millions of people in the region.
Moreover, the Jasoor Fund’s emphasis on supporting Omani technology companies and regional startups is a clear indication of ADQ and OIA’s commitment to fostering homegrown talent and creating opportunities for the next generation of entrepreneurs. By investing in cutting-edge technological projects and providing a platform for Omani youth to develop their ventures, the Fund will contribute to the development of a robust and sustainable tech ecosystem in Oman and the wider MENA region.
The collaboration between ADQ and OIA is a prime example of the power of partnership in driving economic growth and technological advancement. By combining their resources and expertise, the two entities are well-positioned to identify and capitalize on high-potential investment opportunities that will benefit both nations and the region as a whole.
As the digital economy continues to grow and evolve, initiatives like the Jasoor Fund will play an increasingly important role in shaping the future of the MENA region. By supporting innovation, fostering entrepreneurship, and facilitating the adoption of new technologies, the Fund will help to create a more prosperous and connected future for all.
The launch of the Jasoor Fund comes at a crucial time for the MENA region, as countries seek to diversify their economies and embrace the opportunities presented by the digital revolution. By focusing on key sectors such as FinTech, EdTech, HealthTech, cleantech, food and agriculture, and logistics, the Fund will support the development of innovative solutions that address the region’s most pressing challenges and contribute to sustainable economic growth.
The Fund’s investment strategy, which targets businesses at various stages of development with proven business models and strong growth potential, ensures that it will have a diverse portfolio of high-quality assets. This approach will help to mitigate risk while maximizing returns for investors and creating value for the wider economy.
Furthermore, the Jasoor Fund’s commitment to providing Omani youth with opportunities to develop their ventures and expand globally is a testament to ADQ and OIA’s long-term vision for the region’s tech ecosystem. By nurturing the next generation of entrepreneurs and innovators, the Fund will contribute to the creation of a vibrant and self-sustaining tech sector that can drive economic growth and social progress for years to come.
Read more on CrunchDubai:
In conclusion, the launch of the $180 million Jasoor Fund by ADQ and Oman Investment Authority represents a major step forward for the MENA region’s tech ecosystem. With its focus on supporting high-growth technology companies, nurturing homegrown talent, and driving digital transformation across key sectors, the Fund is poised to play a pivotal role in shaping the region’s future. As the digital economy continues to evolve and grow, initiatives like the Jasoor Fund will be essential in creating a more prosperous, connected, and technologically advanced future for all.
April 24, 2024
Why not let the excitement spill over? Aleksei Dolgikh here, diving into the heart of MENA’s burgeoning tech landscape with ADQ and Oman Investment Authority’s bold new move—a whopping $180 million Jasoor Fund aimed at digital fireworks. This isn’t just about tossing money into the tech pot; it’s strategic, it’s savvy. Mohamed Hassan Alsuwaidi of ADQ and Abdulsalam Al Murshidi of the Oman Investment Authority are the maestros here, orchestrating what could very well be a transformative era for Oman and beyond. And let’s not overlook Said Abdullah Al Mandhari from ITHCA Group, bringing local brilliance into the global tech arena. Here’s to making digital waves!
This partnership between ADQ and OIA to create a $180 million technical fund is a game changer for the technology landscape in the Middle East and North Africa (MENA) region. With substantial investments dedicated to innovation, this initiative is poised to enhance significant successes and foster growth in the tech sector. Anticipate exciting developments and transformative opportunities as this foundation paves the way for technological progress in the MENA region.