Abu Dhabi ADQ, Oman Investment Authority Represented by ITHCA Group Launch $180 Million Focused-Technology Fund to Advance Digital Economy in Oman, Middle East & North Africa Region, Jasoor Fund to Invest in Small & Medium Enterprises and Startups In Sectors Including Fintech, Edtech, Healthtech, Cleantech, Food And Agriculture & Logistics
27th April 2024 | Hong Kong
Abu Dhabi ADQ, Oman Investment Authority (OIA), and represented by ITHCA Group are launching a new $180 million focused-technology fund to advance digital economy in Oman, Middle East & North Africa region. The new $180 million focused-technology fund (Jasoor Fund) will invest in Small & Medium Enterprises (SMEs) and startups in sectors including fintech, edtech, healthtech, cleantech, food and agriculture & logistics. Announcement (23/4/24): “ADQ, an Abu Dhabi-based investment and holding company, today 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 broader framework agreement signed between both parties in 2022. 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 high-growth technology companies at various stages of development that have established business models. In 2022, ADQ and OIA identified investment opportunities worth over USD 8 billion in key sectors of Oman’s economy. The partnership aims to contribute to increased economic cooperation and trade between both nations.”
“ Abu Dhabi ADQ, Oman Investment Authority Represented by ITHCA Group Launch $180 Million Focused-Technology Fund to Advance Digital Economy in Oman, Middle East & North Africa Region, Jasoor Fund to Invest in Small & Medium Enterprises and Startups In Sectors Including Fintech, Edtech, Healthtech, Cleantech, Food And Agriculture & Logistics “
His Excellency Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ: : “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: “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: “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.
Abu Dhabi ADQ, Oman Investment Authority Represented by ITHCA Group Launch $180 Million Focused-Technology Fund to Advance Digital Economy in Oman, Middle East & North Africa Region, Jasoor Fund to Invest in Small & Medium Enterprises and Startups In Sectors Including Fintech, Edtech, Healthtech, Cleantech, Food And Agriculture & Logistics
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
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