Launching the Jasoor Fund to support direct investments in partnership with ADQ and the Oman Investment Authority for $180 million
ADQ, the Abu Dhabi-based holding investment company, in collaboration with Oman Investment Authority, the investment arm of the Sultanate of Oman represented by OQ Group, launched the “Jasoor Fund” today, Tuesday, to activate direct investments in startups in the technology sector with a size of $180 million.
The fund focuses on modern and emerging technology sectors, based on a previous agreement signed between the two parties in 2022.
The establishment of the fund comes as part of the strong bilateral relations between the UAE and Oman, aiming to support the digital economy by investing in innovative technology companies in the Sultanate of Oman, in addition to startups in other countries with a focus on financial technology, education, healthcare, cleanliness, agriculture, and logistics services, especially rapidly growing companies and successful models.
In this context, Mohamed Hassan Alsuwaidi, CEO of ADQ, said: “The launch of the ‘Jasoor Fund’ represents a part of the strategic partnership between ADQ and Oman Investment Authority represented by OQ Group, and is an important step towards achieving quality investments that contribute to expanding horizons across various key sectors of the economy and achieving sustainable value for all stakeholders.
We look forward to enhancing cooperation with our partners in Oman Investment Authority to promote business activities, investment, and economic growth in both brotherly countries.”
Abdulsalam Mohammed Al Murshidi, Chairman of Oman Investment Authority, said: “The launch of the ‘Jasoor Fund’ is a milestone in the technology sector in the Sultanate of Oman, and through this strategic partnership with ADQ, we are moving towards a new era of innovation and growth, which will have a significant impact in supporting the efforts of both countries to build a promising future based on digital transformation and technological advancement.”
Saeed Bin Abdullah Al Mantheri, CEO of OQ Group, added: “The ‘Jasoor Fund’ complements the efforts of the group in investing in bold capital, as it will focus on supporting emerging and advanced technology projects, providing opportunities for Omani youth to develop their products and expand their business globally.”
It is worth mentioning that ADQ and Oman Investment Authority announced in 2022 a set of investment opportunities exceeding $8 billion in various economic sectors, as part of their joint efforts to enhance economic and trade cooperation between the two countries.
