UAE’s Lunate backs $70m Jordanian technology fund

Lunate, the Abu Dhabi-based alternative investment manager, has backed a JD50 million (about $70 million) sharia-compliant fund that will support technology startups in Jordan. The vehicle, named Manara Ventures, was launched by the Jordan Capital and Investment Fund (JCIF) and is registered in the Abu Dhabi Global Market (ADGM). The fund has also secured additional backing from several regional institutional investors, the state-run Jordan News Agency (Petra) reported, though those parties were not named.

"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," said Luma Fawaz, CEO of Manara Ventures.

Deal terms and strategy

Manara Ventures is structured to target tech-focused Jordanian companies with high growth potential. According to JCIF and Manara's public statements, the fund plans to:

• Invest in more than 20 growth-stage firms;
• Provide follow-on capital to support up to 15 high-performing businesses pursuing regional expansion;
• Make individual investments in the range of $750,000 to $3 million.

The fund’s sharia-compliant status positions it to attract regional capital that seeks adherence to Islamic finance principles. Registration in ADGM gives the vehicle an international regulatory base within Abu Dhabi’s financial free zone.

Context and partners

JCIF, which launched Manara Ventures, is the largest private-sector investment fund in Jordan with capital exceeding JD275 million. JCIF is owned by 16 Jordanian banks and focuses on investing in high-potential companies within strategic sectors of the Jordanian economy.

Lunate — the Abu Dhabi-based backer of Manara Ventures — is majority-owned by Chimera Investment, which is overseen by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national-security adviser and brother of President Sheikh Mohamed bin Zayed Al Nahyan. Lunate manages roughly $110 billion in assets across private markets, including buyouts, growth equity, early- and late-stage venture capital and private credit.

Outlook for Jordan’s startup ecosystem

The launch of Manara Ventures comes at a pivotal moment for Jordanian entrepreneurship. Regional startup investment jumped 225% last year, with $7.5 billion raised by 647 startups, data compiled by the entrepreneurship platform Wamda shows. Despite that regional surge, Jordanian startups raised $10 million across 22 deals last year, down from $15 million the previous year — underscoring a financing gap that Manara Ventures aims to help close.

With planned allocations to more than 20 growth-stage companies and follow-on support for up to 15 firms expanding regionally, Manara Ventures aims to provide both initial growth capital and the institutional support needed to scale Jordanian technology businesses beyond domestic markets. For many founders, the $750,000 to $3 million check sizes the fund targets could mark the next step toward broader regional expansion and higher-growth trajectories.