Injazat Technology Fund launches Islamic finance for Middle East venture capital needs Dynamic VC company surveys booming region stretching from Morocco to Iran
June 21, 2003
Injazat Technology Fund, one of the first and leading Islamic venture capital companies in the world, has launched assertive new strategies to target the venture capital requirements of the Middle East and North Africa region through financing deals that bring concrete benefits for the region that stretches from Morocco to Iran; which is poised for growth and compliant with Islamic Shari'a principles.
"As one of the foremost venture capital companies, Injazat has developed a totally new financing formula that is not only driven by profit purposes but also by social responsibility and commitment to the region's development," said Hussein Rifai, Chief Executive Officer, Injazat Technology Fund. "We back professionally managed companies that share our views on regional development. We actively add value to our partner companies through assistance in creating strategic opportunities, incorporating corporate governance into their business management and generally optimizing their returns. We provide them with all-round support to fulfill common long-term aims of generating mutual benefits, while remaining committed to the cause of promoting the overall development of the region."
Motivated by its slogan 'From the Region, For the Region,' Injazat is targeting select professionally managed companies that have the potential to grow and expand either within and/or outside the region. This is expected to boost regional development of new technologies and solutions, generate high-level employment opportunities for local people and create solutions customized for the region. Injazat's target industry sectors for investment include information technology, communications and entertainment.
Injazat Technology Fund is a US$50 million venture capital fund that was initiated by the Islamic Corporation for the Development Sector, an affiliate of the Islamic Development Bank (IDB) and Gulf Finance House, in partnership with Dubai Islamic Bank, Saudi Economic Development Company and Iran Foreign Investment Corporation.
"Breaking away from the run-of-the-mill venture capital companies, Injazat has created a financing plan that promotes strategic business partnerships and works systematically towards converting growing companies into fast-track growth enterprises," said Rifai. "Our approval procedures are dynamic, quick and effective. If a company comes to us with a well defined and financially feasible business plan, we respond with a final decision within three months."
"When Injazat approves a business proposal, it provides several value additions by way of sharing of contacts and expertise to grow the promoter's business," said Rifai. "Our responsibilities include helping the selected companies to reduce risks and providing ongoing consultancy to increase their return on investment. This is possible because we invest wisely in people with visions that are well versed in the intricacies of financing and developing businesses. Furthermore, because of our diversified regional shareholding, we can provide access to new markets and funding opportunities. We provide leads to other investors and venture capital funds to identify joint investment opportunities for IT companies in the region."
"The Middle East and North Africa region holds the promise of booming developments in our target sectors. Injazat's offering will appeal strongly to corporate leaders who want to conduct business in line with Shari'a principles and understand that in the long run, looking beyond mere short term financial returns will not only benefit the region but will also result in higher returns. The Middle East is in need of development that will help the different countries in the region to upgrade their infrastructure and integrate with the rest of the world. Injazat will provide the all-important financial backing to accelerate this developmental process. We work with a sense of social responsibility with partners who share the same ideals," added Rifai.
The IT companies open to financing from Injazat include those involved in software and hardware development, complex platform integrators, industry-specific solution providers and e-Commerce solution providers. In the field of media, Injazat targets companies specializing in content provision, production and media delivery. The communication companies being targeted are those focused on last mile solutions, basic services in emerging markets (ASP, GSM, ISP) and complex network solution providers.(keralamonitor.com)
DNRD calls on UAE nationals to focus on careers in IT to meet the rising demand for Computer professionals
Success of projects like e-Gate testify UAE youth's capabilities
in the IT sectorJune 21, 2003
The Dubai Naturalisation and Residency Department (DNRD) has urged UAE
nationals to seek out careers in information technology to meet the growing
demand for IT professionals in government departments as well as in the
private sector."In the recent years, all the countries in the Middle East and specifically
UAE have witnessed a major growth in the information technology sector.
UAE nationals have shown tremendous aptitude for IT in recent years, but
a lot more needs to be done in order to create a pool of professionals
specializing in specific areas within IT. Only then can we achieve greater
success in accelerating the development of this new economy sector," said
Colonel Saeed bin Belailah, Director of DNRD. "At DNRD, we are glad to
welcome young UAE IT professionals. Our in-house IT department has already
demonstrated excellent capabilities by initiating projects like e-Gate
and automation of the visa processes. We aim to progress further by delivering
more technologically advanced facilities and services to our customers
and look towards the youth of UAE to help us in achieving our objectives.""Dubai's aspiration to be the hub of the Knowledge Economy in the region
under the leadership of H.H. General Sheikh Mohammed bin Rashid Al Maktoum,
Crown Prince of Dubai and UAE Defense Minister, has resulted in the setting
up of several world-class projects which will necessitate the expertise
of a large number of IT professionals. The Government has a clear vision
for the growth of the IT sector and has embarked on these bold and pioneering
initiatives to secure UAE's position in the global new economy," Colonel
Bin Belailah added. "As Emiratisation gathers pace, the country will increasingly
need the services of a highly specialized, dedicated IT workforce which
is bright and talented. UAE nationals therefore have an excellent opportunity
to prove their capabilities in the competitive IT sector by joining these
mega projects launched by the government."
The UAE is the second largest IT market in the GCC region with total spending
estimated at US$1.245 billion, after Saudi Arabia, according to figures
recently released by Dubai-based Madar Research Group. Government-led IT
initiatives such as the Dubai Internet City and the proposed Dubai Technology
City are geared to provide a further boost to the IT sector in the country.
"As the UAE moves to join the major league of nations who are at the forefront
of the information technology sector, the time is right for UAE nationals
to seize this chance and prove their skills through determination and hard
work. Our experience is that UAE nationals have great abilities to create
IT solutions and if they channelise their energies and efforts, they will
able to contribute effectively to the growth of the information age," said
Col. Bin Belailah."The Dubai Naturalisation & Residency Department is intensifying its efforts
to find solutions to the complex task of delivering services to hundreds
of thousands of people through electronic channels," said Col. Bin Belailah.
"Automation is the only way to facilitate this process. We foresee IT playing
a critical role in allowing us to upgrade our services and reduce the need
for physical presence of applicants at our counters. We have achieved a
fair degree of success in automating many of our processes, but the next
few years will see us achieving our real objective of serving the community
through a complete package of online services."
New regional biometric security plans spark privacy debate
Dubai - June 21, 2003 A debate on the privacy issues raised by the regional introduction of biometrics security and identity systems will begin tomorrow (Sunday, 22 June) at the Middle East's only event dedicated to the new technology.
With heightened regional security demands and growing concern among financial institutions over identity theft, the organisers report the Middle East Biometrics Forum has seen a rush of delegates registering for the event, which takes place at the Crowne Plaza Hotel, Dubai.
Representing more than 12 countries, delegates taking part in the forum include high-level government, police and immigration officials along with executives from petrochemical companies, aviation authorities, banks and telecom companies, among others.
"Gulf governments are introducing multi-million dollar biometric-based identity programmes for their civilian populations," said Chris Mullinger, conference director with the Institute for International Research (IIR), the forum organisers.
"Private sector companies in the region are also installing large scale systems which incorporate biometric elements to reliably identify staff and customers."
Biometric technology is about identifying people based on their physical characteristics using information technology. It is considered by many experts as the only reliable solution for protecting the identity and the rights of individuals because it recognises unique and unalterable features.
Using information stored in databases or on chips in smart cards, biometric identification can involve the contours of a hand or finger, fingerprints or the pattern of an iris. Even variable characteristics can be used such as voice, the way a person writes a signature, the rhythm when typing on a keyboard, or the way they walk.
"The increasing introduction of biometric technology has led to a widespread debate in several parts of the world about privacy and public acceptance, " said Mullinger. "These are important issues but, until now, that debate has not received the same level of public exposure in the region. That is about to change with the high-profile Middle East Biometrics Forum."
Giving the welcome address to delegates on "The Art of Biometrics" will be Sabri Hamed Al Azazi, Chief Operating Officer of Dubai Internet City based eHosting Datafort. The company is a subsidiary of Dubai Technology, Electronic Commerce and Media Free Zone Authority (TECOM), and operates throughout the Middle East, Africa and the Asian subcontinent.
An international keynote address on the future of biometrics through to 2007 will be presented by Kush Wadhwa, Director Consulting for New York-based International Biometric Group. The group is renowned as the industry's leading consultants and has been advising on biometric technologies since 1996. He will also be providing a final day workshop on putting biometric technology to work in both the public and private sector.
Other world leaders in biometric technology will also be taking part in the forum, including Sagem, France; LG Iris, USA; Hewlett Packard, Middle East; Identix, UK; Banque-Tec International Pty Ltd., Australia; Datastrip Limited, UK; ES Gulf, Bahrain; De La Rue, UK; and Siemens, Middle East.
The forum will be chaired by Robert Carter, System Director for De La Rue of the UK and head of the British Standards Institute Working Group of Biometrics. He is also a leading member of several European and international standards bodies on biometrics.
The forum is endorsed by the Association for Biometrics, a UK-headquartered international body dedicated to creating awareness of biometric technology and applications. It encourages informed debate on issues arising from the deployment of biometrics, such as privacy and public acceptance. (keralamonitor.com)
