The UAE and Jordan have announced the launch of a $100 million technology-focused venture capital fund.
It has been launched by ADQ, an Abu Dhabi-based investment and holding company, in partnership with Jordan's Ministry of Digital Economy and Entrepreneurship (MoDEE).
The Fund aims to support high-growth technology companies and the continued growth of the Kingdom’s burgeoning digital economy.
The initiative complements ADQ’s strategy to unlock mutually beneficial growth opportunities and deliver sustainable financial returns to the UAE and its partners that drives value creation and long-term economic prosperity.
As part of accelerating the Kingdom’s digital economy, the Fund will be dedicated to tech start-ups and innovation-led companies specialized in sectors including information technology; telecommunications; financial services; education; food and agriculture; healthcare and life sciences; mobility and logistics, as well as clean energy technologies.
With 27 per cent of tech entrepreneurs in the Middle East and North Africa (MENA) region of Jordanian nationality, the country is home to highly skilled talent and more than 600 technology companies.
"Jordan’s dynamic marketplace offers vast investment potential in sectors where we have significant expertise. Moreover, we can serve as a committed partner to support their growth. By unlocking access to our growing portfolio of leading companies, we intend to accelerate growth opportunities and market access for companies, entrepreneurs and funds that are at the cutting-edge of technology," said Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ.
"Designed to accelerate the transformation of the digital economy, ADQ will invest, alongside MoDEE, in high-growth technology companies that will help to create, promote, and drive new digital opportunities in Jordan, and reinforce our place on the world technology map," explained Ahmad Al Hanandeh, Jordan's Minister of Digital Economy and Entrepreneurship,
Last month, as part of an industrial partnership signed between the UAE, Egypt and Jordan, ADQ committed a $10 billion investment fund to enhance sustainable economic growth in five priority sectors across the three counties.
We launched a $100 million technology-focused venture capital fund with @ModeeJo to support high-growth technology companies & enable the continued growth of the Kingdom’s burgeoning digital economy.
— ADQ (@Adq_Official) June 8, 2022
Read More: https://t.co/zgA9P1mJGG#CreatingValue pic.twitter.com/muEsLMMOgr
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