MUSCAT, Oman, Nov. 20, 2024 /PRNewswire/ — Future Fund Oman (FFO), the latest investment initiative under Oman Investment Authority (OIA), has announced its first batch of approved investment projects. With a combined value exceeding US$ 2 billion, these projects include US$ 1.6 billion committed by foreign investors and US$ 571 million contributed by FFO. The investments are expected to create more than 1,600 direct employment opportunities, marking a significant step forward in Oman’s economic diversification and development strategy.

The approved projects span ten key sectors, including technology, manufacturing, tourism, renewable energy, and electric vehicles. In addition, small and medium enterprises (SMEs) and startups will play a prominent role, with investments targeting food, health, financial technology, e-commerce, and more. This comprehensive approach reflects FFO’s commitment to fostering innovation and growth across a broad spectrum of industries, ensuring that both large-scale ventures and emerging businesses contribute to Oman’s economic progress.

Mulham Al Jarf, Deputy President for Investments at Oman Investment Authority, stated that these projects underscore the Fund’s dedication to fulfilling its strategic objectives. These include stimulating local economic growth, fostering collaboration with the private sector, attracting foreign investments, and creating opportunities for Omani businesses and job seekers. He emphasized that these projects represent just the beginning of FFO’s efforts since its establishment in January 2024.

Among the approved projects are transformative initiatives that position Oman as a leader in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone, which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This facility will produce 100,000 tonnes of polysilicon annually, a critical component for renewable energy industries such as solar panel manufacturing.

Other major partnerships include the IDG Oman Fund, developed in collaboration with China’s IDG Capital, which will focus on ICT, renewable energy, and electric vehicles. Additionally, FFO has also partnered with EW Partners to establish the EWP Oman Fund, which targets key sectors such as ICT, energy, tourism, and agriculture.

Future Fund Oman is also supporting a range of SMEs and startups in partnership with fund managers like Tanmia, ITHCA, Omantel, and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen featuring over 30 virtual brands; Bima, an online insurance brokerage service; and Qpay, the first licensed Omani entity offering a “buy now, pay later” service. Other groundbreaking projects include BcLear Aligner, an AI-powered solution for dental braces; Nashid, a blockchain-based digital identity platform; and Antom, a digital financial platform that enhances the capabilities of Oman’s fintech ecosystem.

FFO was established in collaboration with the Ministry of Finance with a capital of $5.2 billion, allocated over five years from 2024 to 2028. The Fund strategically excludes investments in oil, gas, and real estate, focusing on growth-oriented sectors aligned with Oman’s Vision 2040.

Interested investors are invited to submit proposals through the dedicated platform, https://futurefund.om/futurefund/

Media Contact:

Fahad Al Toubi
+968 24745781
[email protected]
www.oia.gov.om

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New funding from Blackstone Innovations Investments, FINTOP Capital and JAM FINTOP will support Cardo AI’s expansion into the U.S. market and accelerate its mission to scale asset-based finance and private credit with modern technology.

MILAN, Nov. 20, 2024 /PRNewswire/ — Cardo AI, a next generation asset-based finance and private credit technology platform, has completed its $15mn Series A round. The investment was co-led by Blackstone Innovations Investments, Blackstone’s early-stage strategic investment arm, FINTOP Capital and JAM FINTOP. Andy Horwitz and Kevin MacDonald, co-founders of Black Mountain Systems, also participated in the round.

The $40 trillion asset-based finance and private credit market continues to operate with outdated systems, manual processes and fragmented data. As the market expands with increasingly complex investment strategies, Cardo AI is modernizing the sector’s operations with advanced portfolio modeling and collateral data management technology. The platform facilitates investment decision-making and portfolio monitoring of multi-strategy credit portfolios for industry stakeholders—from investors to banks and servicers—leveraging advanced software workflows, a powerful data engine and predictive AI algorithms. The platform also supports servicers, trustees and fund administrators in streamlining operations and reducing costs.

Founded in 2018, Cardo AI rapidly expanded its presence throughout Europe, with early support from Fasanara Capital, before entering the U.S. market earlier this year. Over the past few months, Cardo has onboarded several of the most sophisticated private credit and asset-based finance investors in the U.S. In addition to co-leading the Series A round, Blackstone is leveraging Cardo AI’s technology in its Credit & Insurance operations to support direct lending and asset-based finance transactions.

Co-leads FINTOP Capital and JAM FINTOP bring deep operating expertise and a strategic network of nearly 100 regional and community banks. Rick Kushel leads the investment for FINTOP and brings over three decades of experience building companies such as iLevel Solutions and DealCloud.

Altin Kadareja, Founder and CEO of Cardo AI: “Our expansion into the US market, supported by such prestigious institutions, highlights Cardo AI’s ability to deliver powerful technology for the alternative credit industry. We are excited to collaborate with new investors and are confident that our platform will play a significant role in scaling the market and enhancing operational excellence for our clients.”

John Stecher, Chief Technology Officer at Blackstone, said: “At Blackstone we have seen firsthand the rapid growth in alternative credit. To keep pace, the industry needs to move away from manual, spreadsheet-based processes to embrace scalable technology solutions. Our Credit & Insurance team has been impressed by Cardo AI’s robust portfolio management capabilities for complex instruments.”

Rick Kushel, Managing Partner at FINTOP Capital said: “We see enormous potential for Cardo AI to transform an industry that has been slow in adopting technological innovation. With decades of experience, their team brings the expertise needed to tackle the challenges this market faces. We are excited to support them in setting the standard in asset-based finance and private credit technology.”

About Cardo AI
Intelligent technology for the asset-based finance market. Cardo AI is a global fintech company with the mission to make the market more efficient, transparent, and accessible to all players. Using proprietary technology that integrates software, data, and intelligence Cardo AI accompanies banks, credit originators, servicers, asset managers, and asset owners throughout the entire process of asset based finance investments: from managing data, formulating predictive analytics, and optimizing portfolios. To date, more than $40 billion are managed through its technology platforms, drawing on a team of more than 120 talents.

For further information: www.cardoai.com.

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• DAMAC Islands was unveiled in style and culminated after a month-long global campaign featuring giveaways to travel destinations and marketing promotions by global celebrities and influencers.
• The project is the sixth master community in the DAMAC Properties’ portfolio, unveiling an island living theme inspired by most sought-after global island destinations

DUBAI, UAE, Nov. 20, 2024 /PRNewswire/ — DAMAC Properties, UAE’s leading property developer has announced the launch of DAMAC Islands, its third and largest master community unveiled this year and the sixth in its portfolio of master development projects. Nestled in the heart of Dubailand, DAMAC Islands offers a unique opportunity to live in a tropical-inspired haven that combines luxury living with the natural paradise of island life. This meticulously designed community is slated to be the perfect escape from the bustling city, providing residents with tranquility, rejuvenation, and connection within a peaceful and intimate setting.

The project was unveiled in an exquisite setting at Coca-Cola Arena on 19th November. Hussain Sajwani, Founder and Chairman of DAMAC Properties, Amira Sajwani, MD, DAMAC Properties and senior executives from DAMAC headlined the press and partner event. DAMAC unveiled the launch after a meticulously planned month-long campaign that included a special teasing campaign, ‘DAMAC Air’, where global audiences had an opportunity to win air tickets to their favourite travel destinations.

As part of its marketing efforts and to connect with customers, DAMAC also roped in globally acclaimed celebrities and influencers for the launch, including Bollywood megastar Amitabh Bachchan, Bollywood superstars Ranveer Singh, Sara Ali Khan, acclaimed two times boxing champion Amir Khan, English professional football coach John Terry, Lebanese actress Nadine Njeim amongst others.

Hussain Sajwani, Founder and Chairman of DAMAC Properties, said: “DAMAC Islands represents much more than a development; it is an invitation to experience an entirely new way of living that brings together luxury and wellness. This project embodies our vision of creating spaces where residents can find both escape and connection—an oasis that feels exclusive and warm. DAMAC Islands is a landmark of our commitment to innovation and our belief in Dubai as the ultimate destination for transformative, world-class living.”

DAMAC Islands takes inspiration from some of the world’s most sought-after island destinations, and will feature six clusters including the Maldives, Bora Bora, Seychelles, Hawaii, Bali, and Fiji. Masterfully blending the relaxed island aesthetic with modern splendour, the community aims at creating an oasis where indoor luxury will be harmonised with outdoor paradise, allowing residents to experience both worlds without leaving Dubai.

“An Island State of Mind” sets the tone for the DAMAC Islands experience, with amenities that elevate day-to-day life to a blissful retreat. From serene lagoons and cascading waterfalls to lush jungle rivers and an exclusive Aqua Dome with indoor aquatic activities, every element has been crafted to evoke the serenity of island living. Signature features include a hot springs spa, jungle swings, a bird park, and a mini-golf island, ensuring every resident finds an escape within this exclusive community.

Residents will also be able to enjoy gondola-style paddle boat rides, relax in hammock-laden tours across crystal-clear lagoons, rejuvenate in a hot spring natural spa, or unwind at unique dining venues overlooking turquoise waters. A wedding venue, a tortoise garden, a fresh fruit market and an exclusive Residents Clubhouse will also add to the charm of this sanctuary, making DAMAC Islands a perfect blend of leisure, luxury, and natural beauty.

A Prime Investment Opportunity

DAMAC Islands will offer a range of luxury villas and trendy townhouses, each designed with spacious layouts and breathtaking views. Property options include luxury Villas starting at AED 6.3 million for 6-bedroom layouts and AED 18.5 million for 7-bedroom layouts. Its townhouses category will include units selling for AED 2.25 million for 4-bedroom units and AED 3.1 million for 5-bedroom units.

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DAMAC is offering an attractive 75/25 payment plan, with 75% payable during construction and 25% upon completion, making DAMAC Islands a compelling choice for families and investors seeking lifetime value in one of Dubai’s most promising master communities.

DAMAC Properties has significantly expanded its community development portfolio with the launch of Suncity and Riverside earlier this year, adding to its established communities of DAMAC Hills and DAMAC Hills 2, as well as the upcoming DAMAC Lagoons. Since its founding in 2002, DAMAC has launched over 75 towers and continues its dedicated growth, offering diverse living spaces and investment opportunities for discerning clients.

About DAMAC Properties

DAMAC Properties has been at the forefront of the Middle East’s luxury real estate market since 2002, delivering award-winning residential, commercial and leisure properties across the region and internationally, including in the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Iraq, the Maldives, Canada, the United States, as well as the United Kingdom.

Since then, the company has delivered more than 47,000 homes with over 40,000 more in diverse planning and development phases. Joining forces with some of the world’s most eminent fashion and lifestyle brands to create tremendous living experiences, such as with Versace, Roberto Cavalli, or de GRISOGONO. With a consistent vision and momentum, DAMAC is building the next generation of luxury living across the globe.

Visit us at www.damacproperties.com

Follow DAMAC Properties on Facebook, X, Instagram, LinkedIn, and YouTube(@DAMACofficial).

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