Abu Dhabi-based investment and holding company ADQ and the Oman Investment Authority have launched a new $180 million technology-focused fund, to support the technology momentum in the Middle East.
The Jasoor Fund will focus on investment that will help advance the digital economy of Oman, as well as the wider Middle East and North Africa, ADQ said in a statement on Tuesday.
The OIA is being represented by Oman Information, Communication and Technology Group (Ithca Group), a wholly owned subsidiary focused on developing the sultanate's digital infrastructure and investing in tech-focused organisations.
The fund will support companies in financial, education, health and clean technology, food and agriculture, and logistics, with its core focus on organisations within the sultanate, the statement said.
ADQ's role reinforces its commitment to "make investments that unlock the potential of key sectors of the economy, while creating lasting value for stakeholders", Mohamed Alsuwaidi, managing director and chief executive of ADQ, said.
"Together, we will continue to advance trade and promote investments that will contribute to the growth of both economies.”
The creation of the Jasoor Fund is part of a broader framework agreement signed by ADQ and the OIA in 2022, when both sides identified investment opportunities worth more than $8 billion in Oman's key industries.
It marks a "pivotal moment for Oman’s technology sector ... setting the stage for a new era of innovation and growth", said Abdulsalam Al Murshidi, president of the OIA.
The partnership is projected to "propel both nations into a future powered by digital transformation and technological advancement", he said.
ADQ's latest commitment comes at a time when Abu Dhabi's technology sector is burgeoning, as part of the UAE capital's strategy of preparing for the economy of the future.
Its tech focus gained further traction after last week's announcement that Microsoft, the world's most valuable company, had invested $1.5 billion into Abu Dhabi artificial intelligence company G42.
This week, G42 attracted another key US tech player: on Monday, it said it had entered into a collaboration with chipmaker Qualcomm Technologies to bring Qualcomm Cloud AI 100 solutions to the market through the Condor AI platform of Core42, a group formed by the merger of three key G42 units.
In October, G42 also announced a partnership with OpenAI, focusing on using its models in areas including financial services, energy, health care and public services.
These moves are helping position Abu Dhabi and the UAE to become a technology hub in the region.
Meanwhile, Oman, an oil exporter positioning itself to be a major hydrogen gas player, has been devising a national strategy that aims to steer it towards a knowledge-based economy and digital society.
Muscat's 2021-2025 digital transformation programme comprises a multipronged approach to improve services for the public and private sectors by developing the IT industry, according to the Ministry of Transport, Communications and Information Technology.
"The establishment of the Jasoor 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," Said Al Mandhari, chief executive of Ithca Group, said.
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President Sheikh Mohamed bids farewell to Sultan Haitham of Oman, at the Presidential Airport in Abu Dhabi. All photos: UAE Presidential Court -
President Sheikh Mohamed bids farewell to Sultan Haitham of Oman, at the Presidential Airport in Abu Dhabi -
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, bid farewell to Sultan Haitham -
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, and Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, await the departure of Sultan Haitham (not shown), at the Presidential Airport -
Sheikh Hamed bin Zayed bids farewell to Sultan Haitham -
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Sheikh Nahyan Bin Zayed, Chairman of the Board of Trustees of Zayed bin Sultan Al Nahyan Charitable and Humanitarian Foundation, and Sheikh Hamed bin Zayed, bid farewell to Sultan Haitham -
Members of the Omani Delegation await the departure of Sultan Haitham at the Presidential Airport -
President Sheikh Mohamed and Sultan Haitham witnessed the signing of agreements aimed at further strengthening relations between the Gulf neighbours -
Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sultan Haitham, pray at the tomb of UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, at the Sheikh Zayed Grand Mosque -
Sultan Haitham and Sheikh Mansour at the Sheikh Zayed Grand Mosque -
Sultan Haitham signs a guest book during a visit the Sheikh Zayed Grand Mosque -
Oma's Foreign Minister Sayyid Badr bin Hamad and Commerce Minister Qais Al Yousef at the Sheikh Zayed Grand Mosque -
Sultan Haitham visit to the UAE was aimed at promoting relations on a range of issues -
Sultan Haitham and Sheikh Mansour at the Sheikh Zayed Grand Mosque -
President Sheikh Mohamed hosts a dinner reception for Sultan Haitham at Qasr Al Watan -
Sheikh Mansour with Sayyid Shihab Al Said, Oman's Deputy Prime Minister for Defence Affairs, at the dinner reception -
Sheikh Saif bin Zayed, Deputy Prime Minister and Minister of Interior, Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, and Sheikh Suroor bin Mohamed attend the dinner reception -
Sheikh Saif at the dinner reception for Sultan Haitham -
Sheikh Khaled in discussion with Oman's Sayyid Bilarab bin Haitham -
Musicians perform during the dinner reception -
Sheikh Suroor bin Mohamed and Sayyid Khalid bin Hilal Al Busaidi, Minister of Diwan of the Royal Court of Oman -
President Sheikh Mohamed arrives for a dinner reception for Sultan Haitham of Oman -
President Sheikh Mohamed and Sultan Haitham -
President Sheikh Mohamed receives Sultan Haitham of Oman for a state visit -
Sheikh Mansour and Sheikh Tahnoun bin Zayed, National Security Adviser and Deputy Ruler of Abu Dhabi, at the reception for Sultan Haitham -
Sheikh Mohammed bin Hamad, Adviser for Special Affairs at the Presidential Court, and Mohammed Al Dhaheri, UAE ambassador to Oman, attend the reception at the Presidential Airport -
Sheikh Saif and Sheikh Hamdan bin Mohamed attend the reception for Sultan Haitham at the Presidential Airport -
Mohammed Al Dhaheri, UAE ambassador to Oman, attends the reception at the Presidential Airport -
President Sheikh Mohamed and Sultan Haitham stand for the national anthems during a state visit reception at Qasr Al Watan in Abu Dhabi -
Sheikh Mohamed hosts a state visit reception for Sultan Haitham at Qasr Al Watan -
Sheikh Mohamed escorts Sultan Haitham to the state reception at Qasr Al Watan
The UAE and Oman, two members of the six-nation GCC, have maintained strong economic and bilateral relations.
On Monday, President Sheikh Mohamed and Sultan Haitham of Oman held high-level talks in Abu Dhabi as the two nations struck deals to bolster ties in key sectors such as renewable energy, technology and rail infrastructure.
In September 2022, the two countries signed an agreement to link their rail networks, allowing for freight and passengers services, while the stock markets of Abu Dhabi and Oman signed a deal that allowed the dual listing of Muscat-traded companies in the UAE capital.
