Sovereign wealth funds in Abu Dhabi and Oman have joined forces for the launch of a US$180 million investment fund focused on new technology.
The Jasoor Fund has been launched by Abu Dhabi-based ADQ and the Oman Investment Authority via its subsidiary the ITHCA Group.
According to ADQ, the fund launch is part of a broader initiative agreed between the two in 2022 designed to bolster the digital economy in the region.
ADQ acquires stake in Alpha Dhabi construction subsidiary
Oman Investment Authority launches $5.2bn fund
The fund will target SMEs and startups operating in the fintech, medtech and cleantech sectors as well as logistics and food and agriculture.
“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,” said Mohamed Hassan Alsuwaidi, managing director and chief executive of ADQ.
According to Abdulsalam Al Murshidi, president of the Oman Investment Authority, the fund launch represents “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,” he added.