Jordan's ISSF backs STV's $100M AI fund with $5M
Amman-based Innovative Start-ups and SMEs Fund (ISSF), a $98 million venture fund, has agreed to invest $5 million in a Google-backed $100 million AI fund run by Riyadh-headquartered Saudi Technology Ventures (STV). In return, STV will invest directly in Jordanian AI startups. The agreement was signed in Amman in early July 2026.
ISSF was set up in 2017 with $48 million from the Central Bank of Jordan and $50 million from the World Bank. STV, founded in 2018, is the largest technology investment firm in the Middle East, managing more than $1.5 billion in assets across the MENA region.
Both sides aim to build an AI investment corridor between Jordan and Saudi Arabia. The tie-up gives Jordanian entrepreneurs access to STV's investment network and regional platform, while STV's Google-backed fund targets generative and applied AI, focusing on software and practical solutions for businesses and institutions.
The deal was signed by ISSF chief executive officer Mohammed Al Muhtaseb and STV founder and chief executive officer Abdulrahman Tarabzouni , with STV's executive management and Jordanian entrepreneurs present.
The agreement marks ISSF's second commitment under its second fund, following a first phase through 2025 that earned the World Bank's highest performance rating. For ISSF, it signals a shift from purely domestic early-stage funding toward channelling Gulf capital and expertise into Jordan's tech sector.
STV's approach centres on AI applications built using proprietary enterprise data to solve business problems, rather than developing foundational language models. It is betting on continued growth in the AI applications market.
The deal gives Jordanian startups a direct route into one of the Gulf's largest venture funds at a moment when regional AI capital is concentrating heavily around Saudi and Emirati money.
Read more: Middle East AI News
