Muscat – Abu Dhabi-based investment and holding company ADQ on Tuesday announced the launch of a $180mn technology-focused fund, Jasoor Fund, with Oman Investment Authority (OIA) and represented by ITHCA Group.

This commitment is part of broader framework agreement signed between OIA and ADQ in 2022, ADQ said in a press statement.

Jasoor Fund aims to bolster the digital economy in Oman as well as the wider MENA region by supporting high-growth technology companies in sectors such as FinTech, EdTech, HealthTech, CleanTech, food and agriculture, and logistics. Its core focus will be on innovative technology companies established in the sultanate, in addition to technology startups in other countries in the region.

The fund will undertake investments in high-growth technology companies at various stages of development that have established business models.

Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, said, “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. Together, we will continue to advance trade and promote investments that will contribute to the growth of both economies.”

Abdulsalam al Murshidi, President of the Oman Investment Authority, said, “The establishment of a technology-focused fund with ADQ marks 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.”

Said Abdullah al Mandhari, CEO of ITHCA Group, said, “The establishment of the Jasoor Fund aligns with our venture capital investment strategy, focusing on funding contemporary, emerging and cutting-edge technological projects, while also providing Omani youth with opportunities to develop their ventures and expand globally.”

In 2022, ADQ and Oman Investment Authority identified investment opportunities worth over $8bn in key sectors of Oman’s economy. The partnership aims to contribute to increased economic cooperation and trade between both nations.