Starting the actual work in a box "Bold" Joint investment "Holding" And"Oman Investment Authority" With 180 million dollars
ABU DHABI, 23 APRIL / WAM / ADQ, an investment holding company based in Abu Dhabi, in cooperation with the Oman Investment Authority, the investment arm of the Sultanate of Oman, represented by the “Idkaa” Group, announced today, Tuesday, the actual start of work on the “Jusoor” Fund. Activating direct investments in emerging technology companies operating in the technical sector, amounting to 180 million US dollars.
The fund focuses on investing in the modern and emerging technologies sector, according to a prior commitment within the framework of a memorandum of understanding signed between the two parties in 2022.
The establishment of the fund comes from the strong bilateral relations between the United Arab Emirates and the Sultanate of Oman, and aims to strengthen the digital economy by investing in innovative technology companies in the Sultanate of Oman, along with emerging technology companies in other countries of the region, with a focus on technology companies with high growth in technology sectors. Finance, education technology, health care technology, clean technology, the food and agriculture sector, and logistics services, especially those that have successful business models, in the various stages of their establishment.
His Excellency Mohammed Hassan Al Suwaidi, Managing Director and CEO of “The Holding” (ADQ), said on this occasion: “The launch of the “Jusoor” Fund comes within the framework of the strategic partnership that began in 2022 between “The Holding” (ADQ) and the Oman Investment Authority, represented by a group “Izkaa”, in an important step that reflects our commitment to implementing qualitative investments that contribute to providing new horizons across the various key sectors of the economy, and achieving sustainable value for all stakeholders, and we look forward to consolidating cooperation with our partners in the Oman Investment Authority to enhance commercial activities, investment opportunities and economic growth in The two brotherly countries.”
For his part, His Excellency Abdul Salam bin Mohammed Al Morshedi, Chairman of the Oman Investment Authority, said: “The launch of the “Jusoor” Fund represents a qualitative shift in the technology sector in the Sultanate of Oman. Through this strategic partnership with the Holding Company (ADQ), we are moving towards a new phase of innovation and growth. It will have an important impact in supporting the two countries’ endeavors to build a promising future based on benefiting from digital transformation and technological progress.”
For his part, Engineer Saeed bin Abdullah Al-Mandhari, CEO of the “Ithkaa” Group, indicated that the Jusoor Fund complements the group’s efforts in venture capital investments, as it will focus on investing in modern, emerging and advanced technology projects, and will give an opportunity to Omani youth to develop their products and find opportunities to expand their projects towards… Globalism.
It is worth noting that the Holding Company (ADQ) and the Oman Investment Authority revealed in 2022 a group of investment opportunities worth more than $8 billion in various economic sectors, as part of joint efforts to enhance economic cooperation and trade between the two countries.
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