UAE’s Lunate backs $70m Jordanian technology fund

Lunate, the Abu Dhabi-based alternative investment manager, has backed a JD50 million ($70 million) investment fund to support startups in Jordan.

The sharia-compliant fund, called Manara Ventures, was launched by the Jordan Capital and Investment Fund (JCIF) and is registered in the Abu Dhabi Global Market.

The new fund has secured backing from several other regional institutional investors, the state-run Jordan News Agency (Petra) reported, without disclosing names.

Luma Fawaz, CEO of Manara Ventures, said the fund will provide the necessary capital and institutional backing to enable startups to scale, generate strong financial returns and accelerate Jordan’s digital economy.

The fund will target tech-focused Jordanian companies with high growth potential. It plans to invest in more than 20 growth-stage firms and allocate additional follow-on capital to support up to 15 high-performing businesses pursuing regional expansion.

Individual investments are expected to range between $750,000 and $3 million.

JCIF is the largest private-sector investment fund in Jordan, with capital exceeding JD275 million. It is owned by 16 Jordanian banks and invests in high-potential companies within strategic sectors.

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Lunate is majority-owned by Chimera Investment, overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national-security adviser and brother of the UAE president, Sheikh Mohamed bin Zayed Al Nahyan.

Lunate manages $110 billion in assets across private markets, including buyouts, growth equity, early and late-stage venture capital and private credit.

The announcement comes as good news for Jordan’s entrepreneurs. Startup investment across the Middle East and North Africa rose 225 percent last year, with $7.5 billion raised by 647 startups, according to data compiled by the entrepreneurship platform Wamda. Jordanian startups raised $10 million across 22 deals, down from the $15 million secured in the previous year.