Muscat: The Abu Dhabi-based investment and holding company (Lunit) on Tuesday launched a US$180 million technology-focused fund, Jusoor Fund with Oman Investment Authority (OIA) represented by ITHCA Group. This commitment is part of a broader framework agreement signed between both parties in 2022.
Jusoor Fund
The Fund aims to bolster the digital economy in the Sultanate and 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. It will undertake investments in high-growth technology companies at various stages of development that have established business models.
Mohamed Hassan al Suwaidi, Managing Director and Chief Executive Officer 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 OIA, said, “The establishment of a technology-focused fund 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 Jusoor 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 OIA identified investment opportunities worth over $8 billion in key sectors of Oman's economy. The partnership aims to contribute to increased economic cooperation and trade between both nations.
Oman Observer is now on the WhatsApp channel. Click here
