The Innovative Startups and SMEs Fund (ISSF) announced a $5 million investment in Rua Growth I LP, in line with the fund’s goals to empower “promising” Jordanian startups by providing capital for investment in Jordanian companies.
ISSF CEO, Mohammad Muhtaseb, said inclusion of Rua Growth I LP to the fund’s investment portfolio reflects harmony of investment strategies and contributes to achieve the common goals of empowering Jordanian startups by providing the necessary investment capital for their growth and expansion in the Saudi and Arab Gulf markets.
Establishment of Rua Growth I LP, which includes Saudi and Jordanian partners with “extensive” experience, reflects the “deep-rooted, historic” and economic relations between the two brotherly countries, according to an ISSF statement.
For his part, Managing Partner of Rua Growth I LP, Turki Aljoaib, confirmed that this strategic partnership with ISSF will support joint work, explaining the ISSF’s role in promoting innovation and supporting “entrepreneuria
l” companies in Jordan.
Aljoaib added, “We will work to benefit from the strengths of the Jordanian entrepreneurial environment represented by the workforce and dynamic startups to bridge the gap between the markets in Jordan and Saudi Arabia.”
Furthermore, he noted joint work will seek to build growth opportunities and technological advancement, create new job opportunities in Jordan, and support expansion of Jordanian companies in Saudi Arabia and beyond.
Source: Jordan News Agency