ADQ and Oman Launch $180 Million Jasoor Fund to Boost Regional Tech
Abu Dhabi-based investment powerhouse ADQ, in conjunction with the Oman Investment Authority (OIA), has unveiled a groundbreaking initiative with the launch of the Jasoor Fund, a substantial $180 million technology-focused investment vehicle. This strategic collaboration signals a significant leap forward in the technological advancement and economic development of the Middle East, particularly in Oman and the broader MENA region. The Jasoor Fund, under the stewardship of Oman Information, Communication and Technology Group (Ithca Group), a wholly owned subsidiary of OIA, aims to catalyze innovation and digital transformation across various sectors, propelling Oman’s digital economy to new heights.
At its core, the Jasoor Fund is designed to drive investments that nurture cutting-edge technological solutions and pave the way for transformative growth in key industries. With a strategic focus on sectors such as financial services, education, healthcare, clean technology, food and agriculture, and logistics, the fund aims to fuel innovation and entrepreneurship while addressing pressing societal and economic challenges. By supporting visionary ventures and tech-driven enterprises, the fund seeks to foster a vibrant ecosystem of innovation and accelerate Oman’s journey towards becoming a digital powerhouse in the region.
ADQ’s pivotal role in this venture underscores its unwavering commitment to fostering sustainable growth and creating lasting value for stakeholders. Mohamed Alsuwaidi, ADQ’s Managing Director and Chief Executive, emphasizes the strategic importance of advancing trade and investment to drive economic prosperity and unlock new opportunities for mutual growth. The establishment of the Jasoor Fund represents a pivotal moment in ADQ’s mission to drive innovation-led growth and support the development of strategic sectors critical to Oman’s economic diversification agenda.
The collaborative efforts between ADQ and OIA reflect a broader framework of cooperation aimed at harnessing the immense potential of Oman’s burgeoning technology sector. By leveraging ADQ’s investment expertise and OIA’s strategic vision, the partners are poised to capitalize on emerging opportunities and spearhead initiatives that propel Oman into the digital age. This transformative partnership aligns with Oman’s strategic objectives of fostering innovation, enhancing competitiveness, and driving sustainable economic growth.
Abdulsalam Al Murshidi, President of OIA, underscores the transformative impact of the Jasoor Fund on Oman’s technology landscape, envisioning a future characterized by innovation-driven growth and prosperity. The fund’s strategic focus on supporting technology-enabled solutions and digital entrepreneurship reflects Oman’s commitment to building a knowledge-based economy and driving socioeconomic development through innovation.
The launch of the Jasoor Fund comes at a pivotal moment for both Oman and the broader region, as governments and businesses alike recognize the critical role of technology in driving economic resilience and competitiveness. As Oman embarks on its digital transformation journey, initiatives like the Jasoor Fund are poised to play a catalytic role in unlocking new opportunities, empowering entrepreneurs, and driving inclusive growth.
Said Al Mandhari, Chief Executive of Ithca Group, emphasizes the fund’s alignment with Oman’s venture capital investment strategy, highlighting its potential to fuel the growth of innovative startups and empower Omani youth to pursue entrepreneurial ventures on a global scale. The establishment of the Jasoor Fund underscores Oman’s commitment to fostering a vibrant innovation ecosystem and positioning itself as a hub for technological innovation and entrepreneurship in the MENA region.
Against the backdrop of evolving geopolitical dynamics and rapid technological advancements, the collaborative efforts between ADQ and OIA serve as a testament to the enduring partnership between the UAE and Oman. By capitalizing on synergies and pooling resources, the two nations are poised to unlock new avenues for growth, drive technological innovation, and chart a course towards sustainable development and shared prosperity. As the Jasoor Fund begins its journey, it symbolizes a bold step towards realizing Oman’s vision of a digital future and reaffirms the UAE’s commitment to supporting its regional allies in their quest for economic transformation and innovation-led growth.