Saudi-Jordanian fund invests $15m in OpenSooq

jordan saudi investment  fund
(Photo: Saudi Jordanian Investment Fund)
AMMAN — The Saudi Jordanian Investment Fund (SJIF) announced a $15-million investment in OpenSooq, a Jordanian technology company.اضافة اعلان

The moves comes as part of SJIF’s “growth capital investment strategy, which seeks to support the growth and expansion of promising and successful Jordanian companies,” a statement from the Fund said.

The agreement was signed by SJIF’s CEO Omar Alwir, and Co-Founder and CEO of OpenSooq Adey Salamin. Under the deal, the funds will be utilized to support the growth of OpenSooq in Jordan and the Middle East and North African Region (MENA).

"This investment will support and enhance the entrepreneurial environment through the development of capabilities of local companies and by providing an opportunity for regional expansion, especially that the ICT sector plays a vital role in the economic growth of Jordan with a 12% contribution to the GDP," Alwir commented.

He added that Jordan is bursting with young talents that have demonstrated their capabilities at a regional level and have contributed to positioning the Kingdom as a hub in the IT sector throughout the region.

Salamin voiced appreciation for “the trust SJIF has placed in our company, and its ability to expand to new markets.”

The investment, he said, “will allow OpenSooq to develop its business model and increase its presence in several markets,” stopping short of identifying the target markets.

The Saudi Jordanian Investment Fund is a Jordanian Limited Public Shareholding Company formed in 2017 as a partnership between the Public Investment Fund of Saudi Arabia, which owns 90% of the company, and 16 commercial and Islamic Jordanian banks, which own the remaining 10%.

The company’s investment basket includes infrastructure projects based on partnership with the public sector in various field, especially in the transport, energy, tourism, and water sectors. In addition, the fund ventures into new projects in vital sectors, especially healthcare, education and tourism. The deal with OpenSooq falls under the category of supporting successful and promising Jordanian companies.

SJIF announced late last year its plans to a $400 million project entailing a general academic hospital with a capacity of 300 beds, 60 outpatient clinics, and a medical university that can accommodate 600 students.

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