JCIF launches JD50 million "Manara Ventures" fund

Amman, May 19 — The Jordan Capital and Investment Fund (JCIF) has launched Manara Ventures, a JD50 million (approximately $70.5 million) investment fund focused on scaling Jordanian technology and innovation companies. Registered in the Abu Dhabi Global Market (ADGM) as a fully Sharia-compliant platform, Manara Ventures has secured backing from regional institutional investors including Abu Dhabi-based investment manager Lunate. The fund will target tech-focused or tech-enabled Jordanian firms, planning investments in more than 20 growth-stage companies and providing follow-on capital for up to 15 high-performing businesses.

"The launch of Manara Ventures represents a major milestone within the fund’s strategy to expand into venture capital and innovation-driven investments," said Hani Al-Qadi, JCIF Chairman. "Jordan possesses exceptional entrepreneurial talent, and Manara Ventures will help provide the necessary capital and institutional backing to enable these companies to scale."

JCIF framed the new vehicle as part of its wider strategy to accelerate a knowledge-based economy driven by entrepreneurship and private sector growth. Luma Fawaz, Chief Executive Officer of Manara Ventures, explained the fund's operational focus: "The fund will support outstanding founders and assist them in expanding regionally and globally. It aims to generate strong financial returns, accelerate the growth of Jordan's digital economy, and solidify the Kingdom's position as a regional hub for technology."

Manara Ventures' investment thesis centers on growth-stage companies with clear potential for regional expansion. Individual investments are expected to range between $750,000 and $3 million, including allocation for subsequent funding rounds. The fund expects to back more than 20 companies initially, with additional follow-on capital reserved for up to 15 high-performing businesses as they pursue broader market entry.

• Fund size: JD50 million (~$70.5 million)
• Registration: Abu Dhabi Global Market (ADGM), Sharia-compliant
• Anchor/backing: Regional institutional investors including Lunate
• Target companies: Tech-focused or tech-enabled Jordanian firms at growth stage
• Planned investments: More than 20 companies; follow-ons for up to 15
• Investment ticket: $750,000 to $3 million per company (including follow-ons)

Faris Sharaf, JCIF Chief Executive Officer, highlighted the strategic partnership dimension: "Manara Ventures embodies a shared commitment to unlocking the potential of Jordanian entrepreneurs. The partnership with Lunate builds a strong bridge connecting Jordanian innovation with regional capital, helping establish companies capable of competing beyond their domestic market." JCIF, which is owned by 16 Jordanian banks, is the largest private-sector investment fund in Jordan with capital exceeding JD275 million (approximately $388 million).

Outlook

Manara Ventures will be judged on its ability to convert capital into scale and regional market presence for Jordanian startups. With planned ticket sizes tailored to growth-stage needs and an explicit follow-on allocation, the fund aims to shepherd promising teams through multiple funding rounds. Its ADGM registration and Sharia-compliant status position it to attract further regional institutional investors, while the involvement of JCIF and Lunate signals an intent to combine local market knowledge with regional deployment capacity. If Manara executes on its target of supporting more than 20 growth-stage companies and backing the top performers through regional expansion, it could materially increase institutional financing options available to Jordan’s tech founders.