The Holding Company (ADQ), an investment holding company in the Emirate of Abu Dhabi, announced, on Wednesday, the launch of a technology investment capital fund of 367 million dirhams ($100 million), in cooperation with the Ministry of Digital Economy and Entrepreneurship in the Hashemite Kingdom of Jordan, in the presence of the Prime Minister. Jordanian Bisher Al-Khasawneh, to support high-growth technology companies and promote the continued digital prosperity of the Kingdom’s economy. The launch of the fund comes as part of the strategic industrial partnership between the UAE and Jordan, and to reinforce the Holding Company’s commitment to investing in developing the basic sectors of the Jordanian economy and supporting the global technology ecosystem.
It is noteworthy that the fund comes in line with the “holding” investment strategy, which aims to open up mutual growth prospects and achieve sustainable financial returns for the UAE and its partners, thus contributing to adding more value and enhancing long-term economic prosperity.
The fund will invest in new, high-growth companies with proven business models, and in funds that focus primarily on Jordan. As part of efforts aimed at accelerating the digital economy in the Kingdom, the fund will be allocated to finance technology startups and companies leading in specialized innovations in the sectors of information technology, communications, financial services, education, food and agriculture, health and life sciences, transportation and logistics and clean energy technology.
Just as about 27 percent of technology entrepreneurs in the Middle East and North Africa are Jordanian, Jordan has highly skilled technology talents, with more than 600 companies specializing in this sector.
On the occasion of the announcement of the fund’s launch, Mohammed Hassan Al-Suwaidi, Managing Director and CEO of “Holding” said: “We launched the fund with a value of $100 million, given the great potential of the technology system in the Kingdom. The dynamic Jordanian market offers great investment potential in sectors that fall within our expertise. Furthermore, as a committed partner, this investment enables us to contribute to the growth of that market. The fund also facilitates access to the leading companies of interest to us, while accelerating growth opportunities and enabling companies and entrepreneurs to tap into the leading technology funding markets and funds.”
Ahmed Al-Hanandeh, Minister of Digital Economy and Entrepreneurship in Jordan, said, “Today’s announcement represents a milestone on the path of economic growth in Jordan, and reflects our focus on partnering with leading global institutions to bring about change and have a positive impact on our economy. As the “holding” seeks to support and accelerate the transformation in the digital economy, its investment, along with the Ministry of Digital Economy, in high-growth technology companies, will help provide new opportunities within the digital sector in the Kingdom, and promote them in a way that enhances our position on the global technology map. . It is worth noting that the “Holding” has allocated an investment fund worth $10 billion, within the framework of the industrial partnership signed between the UAE, Egypt and Jordan, to promote sustainable economic growth within five priority sectors in the three countries.