Abu Dhabi wealth fund ADQ announced the launch of the Jasoor Fund, a new technology-focused investment fund, with a capital base of $180 million
The fund aims to drive digital transformation and economic growth across the region.
This initiative marks a crucial milestone in the strategic partnership between ADQ and the Oman Investment Authority (OIA), represented by the ITHCA Group.
This collaboration stems from a comprehensive framework agreement signed in 2022, aimed at identifying and capitalizing on investment opportunities in key sectors in Oman, with commitments previously identified exceeding $8 billion.
The Jasoor Fund is set to target sectors deemed ripe for innovation, such as fintech, edtech, healthtech, cleantech, food and agriculture, and logistics.
Its objective is to support high-growth technology companies that can lead the transformation in these areas, fostering a robust digital economy throughout the Sultanate of Oman and the broader MENA region.
Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer of ADQ, highlighted the fund’s strategic importance, noting that it is a continuation of efforts since 2022 to realign and strengthen the partnership with OIA to channel investments into vital economic sectors, creating long-term value for stakeholders.
Abdulsalam Al Murshidi, President of the OIA, also emphasized the transformative potential of this initiative.
The establishment of the Jasoor Fund in collaboration with ADQ represents a pivotal moment for Oman’s technological landscape, promising to propel the nation and the region toward a future driven by digital and technological advancements.
The fund is also expected to enhance economic cooperation and trade between the UAE and Oman, setting a foundation for sustained mutual prosperity.
Said Abdullah Al Mandhari, CEO of ITHCA Group, pointed out that the Jasoor Fund aligns with their venture capital investment strategy, which is focused on supporting innovative technological initiatives and nurturing the entrepreneurial spirit among the youth in Oman.
