Manara Ventures Launches $70.5M Fund to Propel Jordanian Tech Growth

Mohammed Fathy

Last updated 21-05-2026

4 min

JCIF launches Manara Ventures, a $70,5 million growth fund for Jordanian tech firms.

The ADGM-based, Sharia-compliant fund backs over 20 startups scaling beyond Jordan.

It targets the “awkward middle phase” of growth-stage funding gaps.

Led by Luma Fawaz, it offers capital, governance and regional connections.

The move signals maturing MENA venture capital and deeper institutional backing.

Jordan Capital and Investment Fund (JCIF) has officially stepped deeper into venture capital with the launch of Manara Ventures, a JOD 50 million (around $70.5 million) growth-stage fund aimed squarely at scaling Jordanian technology startups beyond their home market.

The fund, established within Abu Dhabi Global Market (ADGM), is fully Sharia-compliant and has attracted backing from regional institutional investors, including Abu Dhabi-based investment firm Lunate. It plans to invest in more than 20 Jordanian tech and tech-enabled companies, writing cheques between $750,000 and $3 million. On top of that, it will reserve follow-on capital for up to 15 of the strongest performers as they expand across MENA and, in some cases, further afield.

For many founders I’ve met over the years, early-stage capital is often available, grants, angels, accelerators. But when it comes to growth-stage funding, things can get a bit of a faff. That awkward middle phase, where startups have traction but need serious capital to scale internationally, has long been a weak spot in Jordan’s ecosystem. Manara Ventures seems designed to plug exactly that gap.

JCIF Chairman Hani Qadi has linked the launch to Jordan’s broader ambition of building a knowledge-based economy powered by innovation and private-sector growth. And frankly, that alignment matters. Funds like this work best when they are not just financial vehicles, but part of a bigger economic vision. On the flip side, execution will be everything, growth capital alone doesn’t magically create global champions.

Faris Sharaf, CEO of JCIF, has said the fund aims to create stronger bridges between Jordanian founders and regional pools of capital, helping them compete beyond domestic borders. This regional link is important. Gulf investors are showing rising appetite for scalable innovation platforms in MENA, and Jordan, with its steady pipeline of engineering and tech talent, is often viewed as punching above its weight.

At the helm of Manara Ventures is Luma Fawaz, appointed as CEO. She previously led Oasis500, where she oversaw more than 180 early-stage investments and supported thousands of entrepreneurs. Her background signals continuity with Jordan’s earlier startup wave, but with a sharper focus now on scale rather than seed. She has indicated that Manara intends to support founders not only with funding, but also through institutional backing and ecosystem connections. That combination, when done properly, can be spot on.

The fund’s setup in ADGM also highlights Abu Dhabi’s growing status as a structuring hub for venture capital and Sharia-compliant platforms. Over the past few years, ADGM has increasingly positioned itself as the go-to jurisdiction for cross-border VC vehicles targeting the wider region. It’s not just about tax efficiency; it’s about regulatory clarity and investor comfort.

All of this comes at a time when sovereign-backed funds and institutional investors are taking a more active role in nurturing homegrown tech champions across the Middle East. I reckon that’s a healthy shift. For too long, talented founders in smaller markets had to look abroad for meaningful scale-up capital, sometimes relocating entirely. If Manara succeeds, it could help ensure that more companies stay anchored in Jordan while expanding abroad.

Still, ambition is one thing; delivery is another. Growth-stage investing requires a different skillset from early-stage bets, sharper due diligence, stronger governance, deeper operational involvement. But with experienced leadership and solid institutional backing, Manara Ventures enters the scene with a credible starting point.

For Jordan’s founders eyeing regional expansion, this could be the moment they’ve been waiting for. And for the wider MENA ecosystem, it’s another sign that venture capital in the region is maturing, not just chasing hype, but building the financial infrastrcture needed to scale companies across borders.

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