Abu Dhabi and Oman launch $180m tech fund
24 April 2024
Abu Dhabi-based investment and holding company, ADQ, and Oman Investment Authority (OIA) have launched a $180m technology focused vehicle called Jasoor Fund.
Jasoor Fund aims to bolster Oman’s digital economy as well as the wider Middle East and North Africa (Mena) region by supporting high-growth technology companies in sectors such as finance, education, health care, clean energy, food, agriculture and logistics.
OIA is represented by Ithca Group, formerly known as Oman Information and Communication Technologies Group, in the fund.
According to ADQ, the fund’s core focus will be on innovative technology companies established in the sultanate, in addition to technology startups in other countries in the region.
It will undertake investments in high-growth technology companies at various stages of development that have established business models.
Mohamed Hassan Alsuwaidi, ADQ managing director and chief executive, said the launch of Jasoor Fund “reinforces our commitment to make investments that unlock the potential of key sectors of the economy, while creating lasting value for stakeholders”.
Jasoor Fund is part of broader framework agreement signed between both parties in 2022, when they identified investment opportunities worth over $8bn across key sectors of Oman’s economy.
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The request for qualifications (RFQs) was issued by the municipality’s Sewerage and Recycled Water Projects Department (SRPD).
The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
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READ THE FEBRUARY 2026 MEED BUSINESS REVIEW – click here to view PDFSpending on oil and gas production surges; Doha’s efforts support extraordinary growth in 2026; Water sector regains momentum in 2025.
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
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DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
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Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
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The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
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Aqaba port handles about 80% of Jordan’s exports and 65% of its imports.
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In 2025, the terminal handled over 5.3 million tonnes of cargo and nearly 85,000 car equivalent units of Ro-Ro imports.
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The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
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Chinese firm wins Ceer automotive supplier park deal
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Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).
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