Abu Dhabi’s ADQ & Jordan launch $100mn tech-focused VC fund

By Shilpa Annie Joseph, Desk Reporter
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ADQ
Officials during the signing ceremony.

Abu Dhabi-based investment and holding company, ADQ has launched a $100 million technology-focused venture capital fund in partnership with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan.

The Fund intends to support high-growth technology companies and the continued growth of the Kingdom’s booming digital economy.

“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,” according to the statement.

Mohamed Hassan Alsuwaid
Mohamed Hassan Al Suwaidi
MD & CEO – ADQ

“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.”

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.

Mr. Ahmad Al Hanandeh, Jordan’s Minister of Digital Economy and Entrepreneurship said that, “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.”

Related: Saudi PIF signs $185mn subscription deal with Jordan’s Capital Bank Group


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