ADQ of Abu Dhabi and Jordan have set up a $100 million technology venture capital fund (the Fund) to bolster tech companies in the kingdom’s digital economy.
ADQ is reinforcing its commitment to investing in advancing core sectors of the Jordanian economy and enhancing the global technology ecosystem.
The Fund will invest in high-growth companies with proven business models, as well as funds primarily focused on Jordan. 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 percent of tech entrepreneurs in the MENA region of Jordanian nationality, the country is home to highly skilled talent and more than 600 technology companies.
Mohamed Hassan Alsuwaidi, Managing Director and CEO of ADQ, commented: “We established the $100 million Fund with the Ministry of Digital Economy and Entrepreneurship in recognition of the strong potential of Jordan’s tech ecosystem. 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.”
Ahmad Al Hanandeh, Minister of Digital Economy and Entrepreneurship, said: “Today’s announcement marks a significant milestone in Jordan’s economic growth, and reflects our focus on partnering with world’ leading organizations to deliver positive impact and change. 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.”
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.