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Mohamed Hassan Alsuwaidi

ADQ and ITHCA to set up $161m venture capital fund

ABU DHABI, September 28, 2022

ADQ, an Abu Dhabi-based investment and holding firm, and Oman Information, Communication and Technology Group (ITHCA) have signed a deal to set up a AED592 million ($161 million) venture capital fund to invest in Oman.
 
ADQ and and Oman Investment Authority (OIA) also identified preliminary investments to be assessed further that are worth over AED30 billion in new projects within Oman across target sectors including hydrogen, solar and wind power generation, green aluminium, and steel, as well as water and electricity transmission lines. 
 
ADQ is also exploring investment in other sectors that include but are not limited to food and agriculture, logistics, technology, and healthcare. This is in line with ADQ’s ambitions to expand its power, water, and industrial platforms throughout Oman to capture synergies that achieve long-term and sustainable value creation for both nations. 
 
Economic cooperation
On the sidelines of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE’s, visit to Oman, ADQ discussed a range of investment opportunities with OIA, across a variety of sectors aimed at contributing to increased economic cooperation and trade between both nations.
 
ADQ and OIA recently entered into an AED10 billion partnership agreement to facilitate investments between the UAE and Oman in sectors of mutual priority and interest. 
 
Mohamed Hassan Alsuwaidi, Managing Director and Chief Executive Officer at ADQ, said: “As part of the UAE’s longstanding bilateral relationship with Oman, we discussed several potential strategic opportunities that can unlock significant synergies and value through joint collaboration across key industries in the sultanate. Today’s engagement builds on our recent efforts and commitment to develop tangible investment partnerships in key markets, such as Oman, that complement our investment strategy and growth aspirations. We are confident that this visit reinforces the significant economic potential of ADQ’s partnership with OIA.”
 
Shared commitment
Abdulsalam Al Murshidi, President of OIA, said: “Our partnership with a like-minded institution, such as ADQ, showcases our shared commitment to building long-term sustainable relationships. Our discussions today will not only create a platform to enable us to explore mutually beneficial co-investment opportunities, but facilitate knowledge sharing to strengthen our respective organisations’ investment platforms.”
 
As a strategic partner to the government, ADQ undertakes value accretive co-investment programmes with key regional partners through its Sovereign Investment Partnerships platform. These partnerships accelerate investments that unlock mutual value across ADQ and its portfolio businesses.-- TradeArabia News Service
 



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