Abu Dhabi-based holding company ADQ has announced the launch of a $100m technology-focused venture capital fund with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan.
The fund aims to support high-growth technology companies and the growth of the kingdom’s digital economy. It will invest in high-growth companies with proven business models, as well as funds primarily focused on Jordan.
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
The fund will also be dedicated to tech startups and innovation-led companies specialised across sectors including information technology, telecommunications, financial services, education, food and agriculture, healthcare and life sciences, mobility and logistics, as well as clean energy technologies, a statement said. As much as 27 per cent of tech entrepreneurs across the MENA region are Jordanian, while the kingdom is home to more than 600 technology companies.
Mohamed Hassan Alsuwaidi, managing director and CEO of ADQ, commented: “We established the $100m 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.”
“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,” adds Ahmad Al Hanandeh, Minister of Digital Economy and Entrepreneurship.
Last month, as part of a partnership signed between the UAE, Egypt and Jordan, ADQ committed a $10bn investment fund to enhance sustainable economic growth in five priority sectors across the three counties.