Abu Dhabi’s ADQ and Jordan launch $100 million tech-focused venture capital fund


Abu Dhabi-based holding company ADQ has launched a $100 million technology-focused venture capital fund in conjunction with Jordan’s Ministry of Digital Economy and Entrepreneurship.

The fund, which aims to support Jordan’s digital economy, will invest in high-growth companies with proven business models and other funds primarily focused on the country, the entities said in a joint statement on Wednesday.

The fund was created in recognition of the “strong potential of the Jordanian tech ecosystem”, said Mohamed Alsuwaidi, managing director and managing director of ADQ.

About 27% of tech entrepreneurs in the Middle East and North Africa are Jordanian and the country is home to more than 600 tech companies, according to the statement.

“Jordan’s dynamic market offers vast investment potential in sectors where we have significant expertise,” Mr. Alsuwaidi said.

“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 forefront of technology. .”

The United Arab Emirates and Jordan are strengthening their economic cooperation and at the end of last month, the two countries, together with Egypt, entered into an industrial partnership aimed at strengthening sustainable growth and exploring opportunities for joint investments in priority sectors.

As part of the agreement, a $10 billion investment fund has been set up and will be managed by the ADQ to accelerate work on the partnership in five priority sectors, including petrochemicals; metals, minerals and downstream products; textiles; medications; and agriculture, food and fertilizers.

The new venture capital fund in Jordan will be dedicated to technology start-ups and innovative companies specializing in various sectors such as information technology, telecommunications, financial services, education, food and technology. agriculture, healthcare and life sciences, mobility and logistics and cleaning. energy technologies, the joint statement said.

The announcement marks a “significant milestone in Jordan’s economic growth and reflects our desire to partner with leading global organizations to make a positive impact and bring about change”, said Ahmad Al Hanandeh, Jordanian Minister of Health. ‘Digital Economy and Entrepreneurship.

“Designed to accelerate the transformation of the digital economy, the ADQ will invest, alongside [the ministry]in high-growth technology companies that will help create, promote and generate new digital opportunities in Jordan, and strengthen our place on the global technology map.

The fund “complements ADQ’s strategy to unlock mutually beneficial growth opportunities and provide sustainable financial returns to the UAE and its partners,” the statement added.

Established in 2018, ADQ is an Abu Dhabi-based investment and holding company. Its investments cover key sectors, including energy and utilities, food and agriculture, healthcare and life sciences, and transportation and logistics, among others.

Updated: June 08, 2022, 6:13 p.m.

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