ADQ, Oman Investment Authority present Jusoor Tech Startup Fund
Date
4/24/2024 6:15:36 AM
(MENAFN) On Tuesday, "Holding" (ADQ), an investment holding company headquartered in Abu Dhabi, joined forces with the Oman Investment Authority, the investment arm of the Sultanate of Oman, represented by the "Izkaa" Group, to announce the official commencement of operations for the "Jusoor" Fund. This collaboration marks the activation of direct investments in emerging technology companies operating in the technical sector, with an initial fund volume of USD180 million.
The establishment of the Jusoor Fund aligns with a prior commitment outlined in a memorandum of understanding signed between the two parties in 2022. Focused on investing in modern and emerging technologies, the fund aims to leverage innovative opportunities within the digital economy landscape. It seeks to achieve this by investing in cutting-edge technology companies not only in the Sultanate of Oman but also in other countries across the region.
The decision to establish the fund underscores the strong bilateral relations between the United Arab Emirates and the Sultanate of Oman, highlighting a shared commitment to fostering technological innovation and economic growth. By directing investments towards innovative technology companies, the Jusoor Fund aims to catalyze growth and drive advancements in various sectors, including finance, education technology, healthcare technology, clean technology, the food and agriculture sector, and logistics services.
The fund's investment strategy prioritizes technology companies exhibiting high growth potential across different stages of development. It seeks to identify and support entities with successful business models, particularly those demonstrating promising prospects for scalability and market impact. Through strategic investments in these sectors, the Jusoor Fund aims to contribute to the ongoing digital transformation and economic diversification efforts in both Oman and the broader region.
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