Jordan Times
Wednesday, April 6, 2005
Injazat Technology Fund
invests in EJADA
AMMAN (JT) — Injazat Technology Fund, the first Islamic venture capital firm in
the MENA region, has announced a substantial investment in EJADA, the recently
launched integrated IT services and solutions provider formed by the merger
between three major IT companies.
Speaking at a press conference on Tuesday, Mahmoud Al Leissy, chief executive
officer at EJADA, said: “The capital infusion of Injazat has strengthened our
position as one of the largest IT services companies in the region. Through this
merger, EJADA has positioned its services to clients with greater industry
focus, while continuing to deliver services at globally competitive standards.”
The three merged IT companies are Advanced Computer Technology, Elite Computer
Solutions and NewTek Solutions International.
Commenting on the investment, Hussein Rifai, chief executive officer at Injazat
Technology Fund, said: “We are committed to the development and enhancement of
IT industry in the region, by supporting companies who have contributed to
developing IT resources. The decision to invest in EJADA was taken after a
thorough analysis of existing business models of the three constituent companies
and the integrated business plans of the merged entity ... EJADA has endeavoured
to create one of the largest focused IT services companies in the Middle East.”
EJADA offers a full range of services in banking and finance, oil and gas,
telecom, government and general business. Its services include consulting,
application development using advanced methods and technologies, system
integration, IT facilities management, enterprise application integration,
business service management, including IT security and IT infrastructure
management. It covers the MENA region through its offices in Dubai, Saudi
Arabia, Egypt and Jordan.
“Through the establishment of EJADA, the Middle East IT sector will bear witness
to high levels of quality, right from designing to deploying of IT systems,
offering clients the full value chain and significantly boosting the quality of
IT services in the region,” added Yousef Ward, president of EJADA.
Injazat Technology Fund is a $50 million venture capital fund operating in
compliance with Shari'a principles and targeting technology companies within the
MENA region under the motto, `From the region, For the region'. The fund was
initiated by the Islamic Corporation for the Development of the Private Sector,
an affiliate of the Islamic Development Bank and by Gulf Finance House, in
partnership with Dubai Islamic Bank, Saudi Economic and Development Company and
Iran Foreign Investment Corporation.