In a move set to reshape the technological landscape of the Middle East and North Africa (MENA) region, ADQ, headquartered in Abu Dhabi, has announced the establishment of Jasoor Fund, a technology-focused investment initiative with a staggering capital injection of US$180 million.
The partnership sees Oman Investment Authority (OIA) represented by ITHCA Group, marking a pivotal step outlined in their comprehensive framework agreement penned in 2022.
Establishing the Jasoor Fund represents a significant milestone in ADQ and OIA’s collaborative journey, following identifying investment opportunities worth over $8 billion in Oman’s key sectors in 2022.
Jasoor Fund is poised to become a cornerstone for driving digital transformation across the Sultanate of Oman and the wider MENA region. With a keen eye on sectors ripe for disruption, including Fintech, Edtech, Healthtech, cleantech, food and agriculture, and logistics, the fund aims to nurture high-growth technology enterprises.
Mohamed Hassan Alsuwaidi, the Managing Director and Chief Executive Officer of ADQ, underlined the significance of the partnership. Through the inception of Jasoor Fund, ADQ has been realigning its strategic partnership with OIA since 2022 to channel investments that unlock the latent potential across vital economic sectors, thereby creating enduring value for all stakeholders.”
This strategic move is anticipated to catalyse innovation and propel economic growth, emphasising the fund’s core mission of bolstering the region’s digital economy.
Abdulsalam Al Murshidi, President of the OIA, echoed these sentiments, emphasising the alliance’s transformative nature. Establishing a technology-focused fund in collaboration with ADQ heralds a transformative juncture for Oman’s technology sphere. This strategic alliance and ADQ’s substantial commitment set the stage for a new epoch of innovation and expansion that will steer both nations towards a digitally driven future marked by technological prowess,” said Al Murshidi.
This collaborative endeavour is poised to bolster economic cooperation and trade between the two nations, laying the groundwork for mutual prosperity and advancement in the region.
Said Abdullah Al Mandhari, Chief Executive Officer of ITHCA Group, highlighted the fund’s role in empowering local entrepreneurs and fostering global expansion. “The launch of Jasoor Fund perfectly aligns with our venture capital investment strategy, emphasising our dedication to supporting contemporary, emerging, and cutting-edge technological initiatives while also nurturing the entrepreneurial spirit among Omani youth,” said Al Mandhari.
