Tech-focused fund launch in UAE-Oman: ADQ, QIA team up to unveil $180m innovation fund

Tech-focused fund launch boosts digital economy in Oman
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  • ADQ and QIA launch $180m tech-focused Jasoor Fund to boost digital economy in Oman and MENA region
  • Fund to support high-growth technology companies in sectors like fintech, edtech, healthtech, cleantech, food/agriculture, and logistics
  • Focus on innovative tech companies in Oman and regional startups at various stages of development
  • Partnership aims to unlock economic potential and create lasting value for stakeholders
  • UAE-Oman companies sign multi-sectoral deals during Sultan Haitham bin Tariq’s state visit, including Dhs117bn industrial and energy project

ADQ and QIA Launch $180m Tech-Focused Fund

In a strategic move to capitalize on investment opportunities in Oman’s key sectors, Abu Dhabi-based investment and holding company ADQ, in collaboration with the Oman Investment Authority (OIA) represented by ITHCA Group, has launched the $180 million technology-focused Jasoor Fund. This initiative is part of a broader framework agreement signed between the two entities in 2022.

The primary objective of the Jasoor Fund is to bolster the digital economy in Oman and the wider MENA region by providing support to high-growth technology companies. These companies, operating in sectors such as fintech, edtech, healthtech, cleantech, food and agriculture, and logistics, are poised to benefit from the fund. The focus of the Jasoor Fund will be on innovative technology companies established in Oman as well as startups in other regional countries. Investments will target high-growth technology companies at various stages of development with established business models.

Significance of the Partnership

Mohamed Hassan Alsuwaidi, managing director and CEO of ADQ, underscored the importance of the partnership, stating, “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.” This partnership signifies a concerted effort to drive innovation and growth in Oman’s technology sector.

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Abdulsalam Al Murshidi, president of the Oman Investment Authority, echoed the sentiment, emphasizing the transformative impact of the fund on Oman’s technology landscape. “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,” he remarked.

Multi-Sectoral Deals and Bilateral Ties

During Sultan Haitham bin Tariq’s state visit to the UAE, companies from the UAE and Oman inked multi-sectoral deals that underscored the strong historical relations between the two nations. Mohamed Hassan Al Suwaidi, the UAE Minister of Investment, highlighted the significance of the investment agreements, describing them as a major milestone in the bilateral ties of the countries. The agreements spanned various sectors including renewable energy, railway connectivity, and investments in digital infrastructure and technology.

One of the notable deals included a Dhs117 billion industrial and energy “megaproject” focused on renewable energy initiatives such as solar and wind energy projects, as well as green metals production. This initiative aims to drive sustainable development and foster economic growth in both countries.

ADQ’s Recent Acquisitions

ADQ made headlines with its recent acquisition of a substantial stake in Plenary, a significant move that will see the holding company acquire a 49 per cent stake previously held by the Canadian pension fund Caisse de dépôt et placement du Québec. This strategic investment aligns with ADQ’s vision to diversify its portfolio and expand its presence in key markets.

The launch of the $180 million Jasoor Fund by ADQ and OIA marks a significant step towards fostering innovation and growth in Oman’s technology sector. The partnership between the two entities underscores a shared commitment to driving digital transformation and technological advancement in the region. As both nations continue to strengthen their bilateral ties through strategic investments and partnerships, the future looks promising for the advancement of technology and sustainable development in the MENA region.

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