Injazat Technology Fund takes equity stake in Dubai Internet City based Ducont

Injazat Technology Fund (Injazat) is the first regional technology venture capital fund targeting the MENA region. The fund was initiated by the Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank and Gulf Finance House (GFH) in order to invest in compliance with Shari'a principles in promising technology start up companies in the MENA region. The Fund was registered in Bahrain and operates from Dubai Media City.

Injazat has taken a strategic equity stake in Ducont, a company operating from Dubai Internet City and is a pioneer in providing Internet and Wireless solutions for various segments in the Middle East Region. "We wanted to seize the opportunity of the growing SMS and Mobile banking market segment. Ducont is a dynamic and innovative company that has developed local technology recognized by blue chip companies" affirmed Mr Esam Janahi, Chairman of the Board.

With investment in Ducont, Injazat has established its lead in investing in hi-tech, innovative and professional companies in the MENA region. Ducont currently offers wireless solutions for Banks, Stock Exchanges, e-Government and Mobile Operators. All its solutions are designed and developed by its team based at Dubai Internet City and are available through the Internet, PDAs and mobile phones. Ducont recently announced up-gradation of its solutions to GPRS close on the heels of Etisalat commencing the service.

Injazat looked at the capabilities and the potential of Ducont's business model in detail, before making a decision. The fund benchmarked the potential of Ducont business model against its few competitors and undertaken extensive due diligence on the quality of the Management, technology and various plans and strategies. Added Dr. Rami Ahmad, Vice Chairman of the Board.

"Although, approached by various investors, we chose to partner with Injazat as an added value investor in order to expand our opportunities within the region and provide the benefits thereto", highlighted Mr. Ivan Fernandes, CEO and co-founder of Ducont. "It has been an intense due-diligence exercise, but such exercise is useful for both sides and the synergy we found in Injazat made such process worthwhile". He added.

Communication Development Corporation was supportive in the due diligence process. Indeed, it has been a very challenging experience to assess Ducont. "However, the most interesting part of the challenge will be adding value to the company, helping it extend its market reach, and finding the right synergies with other portfolio companies or potential future candidates". In this regard, "we will be working closely with Ducont to explore various new opportunities as well as an appropriate and well timed exit route from our investment in order to meet our shareholders' expectations" concluded Mr Mohamed Hedi Mejai talking on behalf of the Management Team.