ADQ launches Oman venture capital fund

Abu Dhabi-based investment firm ADQ has partnered with the Oman Information Communication and Technology Group to establish an AED592million (US$161 million) venture capital fund.

It is part of an ongoing alliance between the ADQ and Oman Investment Authority (OIA), designed to generate backing for infrastructure projects in Oman.

The two recently agreed to a $2.72 billion agreement to “facilitate investments between the UAE and Oman in sectors of mutual priority and interest”.

The fund will invest in projects in Oman as identified by ADQ and the OIA across a number of target sectors including hydrogen, solar and wind power generation, green aluminium, steel and water and electricity transmission lines.

In June, ADQ launched a tech-focused venture capital fund designed to invest in Jordan’s digital economy that was developed in partnership with Jordan’s ministry of digital economy and entrepreneurship.

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