Wed 08-06-2022 20:40 PM
ABU DHABI, 8th June, 2022 (WAM) -- ADQ, an Abu Dhabi-based investment and holding company, today announced the launch of a $100 million technology-focused venture capital fund (the Fund) with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan, in the presence of the Prime Minister of Jordan, Bisher Al Khasawneh. The Fund aims to support high-growth technology companies and the continued growth of the Kingdom’s burgeoning digital economy.
Building on the UAE’s strategic industrial partnership with Jordan, ADQ is reinforcing its commitment to investing in advancing core sectors of the Kingdom’s economy and enhancing the global technology ecosystem. The Fund 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.
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 Middle East and North Africa (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.