ADQ, an Abu Dhabi-based investment and holding company, has launched a $180 million technology-focused fund, Jasoor Fund (the Fund), with Oman Investment Authority (OIA) and represented by ITHCA Group.
The Fund aims to bolster the digital economy in the Sultanate as well as the wider MENA region by supporting high-growth technology companies in sectors such as FinTech, EdTech, HealthTech, cleantech, food and agriculture, and logistics.
Its 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 Abdulsalam Al Murshidi, President of the Oman Investment Authority, said that, “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 that, “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 $8 billion in key sectors of Oman’s economy. The partnership aims to contribute to increased economic cooperation and trade between both nations.
