- Jordan Entrepreneurship Fund (JEF) has committed $5 million to the Saudi venture capital firm STV to strengthen AI innovation across the MENA region.
- This investment marks the beginning of JEF's second investment phase, which prioritizes generative AI and applied AI companies developing software and operational solutions for businesses.
- STV, one of the region's largest independent venture capital firms, manages a fund backed by Google and has committed to investing in Jordanian startups as part of the agreement.
- The partnership aims to establish an AI corridor connecting Jordan and Saudi Arabia to enhance startups' access to funding and expertise.
- Mohammad Al-Muhtaseb, CEO of JEF, stated that this collaboration will help to localize AI technology and provide Jordanian companies with access to an international network of relationships and advanced incubators.
The Jordan Entrepreneurship Fund (JEF) has committed $5 million to Saudi venture capital firm STV as part of a partnership aimed at accelerating artificial intelligence innovation across the Middle East and North Africa (MENA).14
This investment marks the beginning of JEF's second investment phase, which will prioritize generative AI and applied AI companies that develop software and operational solutions for various sectors. The partnership also includes plans to establish an 'AI corridor' between Jordan and Saudi Arabia, enhancing startups' access to funding and expertise.2
STV, one of the region's largest independent venture capital firms, manages a $100 million fund backed by Google. Under the agreement, STV has also committed to investing in Jordanian startups, fostering a collaborative environment for innovation.3
JEF CEO Mohammad Al-Muhtaseb emphasized that this collaboration will help localize AI technology and provide Jordanian startups with access to a broader regional network and advanced incubators. He stated, “Such collaboration will directly help to localize AI technology, and is an added value to our entrepreneurial ecosystem.”5
The partnership reflects a broader shift in regional venture capital, moving beyond funding individual startups to building cross-border innovation ecosystems. The success of this initiative will depend on its ability to translate into new investments and scalable AI companies.
“The partnership marks the start of JEF's second investment phase targeting generative and applied AI companies building software for businesses using proprietary enterprise data. STV also committed to investing in Jordanian startups, and the two firms plan to establish an AI corridor between Jordan and Saudi Arabia to improve access to funding and expertise.”
waya.media
