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Tech fund takes stake in DIC-based firm
Khaleej Times Dubai, 1 April, 2002:
Injazat Technology Fund has taken a strategic equity stake in
the DIC-based Ducont, a company providing Internet and wireless
solutions of various segments in the Middle East, Injazat chairman
Esam Janahi announced yesterday.
Injazat is a $50 million technology venture capital fund established
by the Islamic Corporation for Development of the Private Sectors,
the Gulf Finance House (GFH) and other investors.
Janahi told a press conference that the move was to seize the
opportunities in the growing SMS and mobile banking market segment
in the region.
The main objective of the fund is to add value to investee companies
through leveraging the fund sponsors and management contacts and
expertise in order to increase the net asset value of the shareholders,
Janahi said.
"Indeed it has been a very challenging experience to assess Ducont,
helping it to extend its wings and reach other markets finding
the right synergies with other portfolio companies or potential
future candidates," he added.
He said Ducont is a dynamic and innovative company that
has developed local technology recognised by blue chip companies.
That is why his company did not hesitate to be part of it, investing
capital and open marketing channels for it in the entire region,
he added.
Ahmed Al Rafi, Director of Ducont, said the company currently
offers wireless solutions for banks, stock exchanges, e-Government
and mobile operators. "All our solutions are designed and developed
by a team based at Dubai Internet City and are available through
the Internet and mobile phones," Al Rafi said.
Dr. Rami Ahmad, Vice Chairman, Injazat said establishment of
the fund came in response to the opportunity offered by the technology
sector in the Middle East and North Africa Region (MENA) and to
the lack of an investment vehicle in compliance with Shari'a principles
yielding high returns to investors within the region."
Injazat has also invested in eBayaNat company, another information
technology company that specialises in supplying its Middle East
based clients with Integrated Document Management (IDM) and knowledge
management solutions, said Ahmad.
Injazat looked at the capabilities and the potential of eBayaNat's
business model in detail before making a decision, he said.
"We base our funding decision on the entrepreneurial team's ability
and the potentiality of the idea," he added.
