Abu Dhabi's ADQ launches $180m tech fund along with Oman Investment Authority
'Jasoor Fund' will focus on Oman-based technology companies
Dubai: The Abu Dhabi investment company ADQ has launched a $180 million tech-focused fund along with Oman Investment Authority, represented by the ITHCA Group. This deal is part of broader framework agreement signed between the parties in 2022.
The 'Jasoor Fund' will focus on boosting the digital economy in Oman and the wider region. It will support 'high-growth' technology companies in areas such as fintech, edtech, healthtech, cleantech, food and agriculture, and logistics.
The core focus will be on 'innovative technology companies' set up in Oman, in addition to tech startups in other Middle East countries. The fund will look into companies at 'various stages of development' and with 'established business models'.
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. Together, we will continue to advance trade and promote investments that will contribute to the growth of both economies.”
In 2022, ADQ and OIA identified investment opportunities worth over $8 billion in key sectors of Oman’s economy.
"The establishment of a technology-focused fund with ADQ marks a pivotal moment for Oman’s technology sector," said Abdulsalam Al Murshidi, President of the Oman Investment Authority.