Amman: The Jordan Entrepreneurship Fund (JEF) has signed a strategic partnership agreement with Saudi Technology Ventures (STV) to empower the startup ecosystem specializing in artificial intelligence technologies across the Middle East and North Africa (MENA) region. This agreement was signed by JEF CEO Mohammad Al-Muhtaseb and STV founder and CEO Abdulrahman Trabzouni, with the presence of entrepreneurs and representatives from investment funds in the Jordanian entrepreneurship sector.
According to Jordan News Agency, the partnership provides Jordanian entrepreneurs and startups with a strategic advantage by utilizing the support and expertise of STV, a leading independent venture capital platform in the region with $100 million in capital, backed by Google. JEF aims to focus its investment efforts on generative and applied AI, targeting companies offering innovative software and operational solutions across various sectors.
JEF will invest $5 million in STV, which has committed to investing in Jordanian startups. This collaboration is set to create an AI corridor linking Jordan and Saudi Arabia, leveraging STV's expertise and networks. Al-Muhtaseb noted that this investment marks a new phase for JEF, reinforcing its role as a driver of the innovation economy through strategic regional partnerships.
Al-Muhtaseb emphasized the collaboration with STV, backed by Google, as a means to integrate business environments between Amman and Riyadh, thereby localizing AI technology and adding value to the entrepreneurial ecosystem. This partnership is expected to provide Jordanian startups access to an international network and advanced incubators, facilitating their growth.
Trabzouni expressed that STV views AI as a foundational element of the future economy. The investment with JEF reflects a shared vision to harness exceptional talents and competencies, aiming to transform entrepreneurial ideas from Saudi Arabia and Jordan into technological entities capable of regional and global competition.
The partnership is anticipated to offer significant opportunities for Jordanian startups, leveraging STV's technical expertise to effectively adopt AI. The strategy aligns with the Saudi Fund's focus on creating long-term value in the AI age by developing applications based on exclusive enterprise data and offering operational solutions to business needs. This approach aims to tap into the growing AI applications market, driven by organizations' increasing reliance on smart solutions to enhance productivity and operational efficiency.