IDG Capital and ewpartners co-establish a fund with the Oman Future Fund.

EqualOcean has learned that on October 2, the Oman Future Fund, under the Oman Sovereign Fund Oman Investment Authority, officially announced a partnership with renowned Chinese venture capital firms IDG Capital（IDG资本）and ewpartners（易达资本）through a joint fund to promote investment and development in several key areas in Oman.

Founded in 1993 by Mr. McGovern and Mr. Hugo Shong（熊晓鸽先生）, IDG Capital is a VC firm focused on the Chinese venture capital market, primarily investing in sectors such as the internet, telecommunications, and IT, with notable investments in companies like Baidu, Tencent, and Sohu. ewpartners, established in 2019 and headquartered in Saudi Arabia, count the Saudi Public Investment Fund (PIF) and Alibaba as cornerstone investors, having raised a total of $400 million in its first phase and targeting a total fund size of $1 billion in its second phase. It has already secured investments from PIF’s parent fund, Jada, and the Oman Investment Authority.

According to the agreement signed by both parties, the Oman Future Fund will establish the IDG Oman Investment Fund in collaboration with IDG Capital, focusing on cooperation with promising Chinese enterprises in the fields of information and communication technology, renewable energy, and electric vehicles in Oman. Additionally, the Oman Future Fund will partner with ewpartners to create the ewpartners-Oman Fund, which will focus on investments in the Omani market, particularly in areas such as information and communication technology, energy, tourism, and agriculture.

The collaboration between the Oman Future Fund, IDG Capital, and ewpartners will further deepen economic and trade cooperation between China and Oman, promote the diversification and sustainable development of the Omani economy, introduce advanced Chinese technology and management experience in cutting-edge fields, and support Oman in achieving its "Vision 2040."

Picture Source: AFP