Afkar Development Investment Co makes strategic growth capital investment in Delta United
Delta United Contracting Co. ("Delta"), a Saudi based telecom infrastructure service provider announced today that Afkar Development Investment Co. (“Afkar”), a Siraj Capital affiliate, has made a strategic investment in the Company.
Founded in 2006 as a SAGIA licensed foreign entity with headquarters in Riyadh, Delta provides infrastructure and maintenance services for the major telecom operators and vendors across the Kingdom. Delta’s Management Team has an exceptional track record in the industry and has regularly been cited for its accomplishments and its quality of service. The Company, with 150+ employees, was recently recognized by the newly established Saudi Fast Growth 100 Index as the 11th fastest growing company in the 5 years and younger category.
Commenting on the transaction, Aziz Assi, the co-founder and CEO of Delta, said “Since Delta was formed, we have endeavored to build a solid platform for our business to grow rapidly and are confident that the partnership with Siraj Capital will allow us to build the premier telecom infrastructure services company in Saudi Arabia and in the GCC region. Not only does Siraj’s investment provide us with valuable financial support but they will also add a new level of institutional expertise and support that will surely help fuel our transformation. Indeed we hope to be consistently ranked well within the top ten companies in future Saudi Fast Growth 100 Index rankings.”
Siraj Capital is a leading merchant investment and finance company operating in the Saudi, GCC and MENA markets. The Company has established a strong local presence in Private Equity, Business Development & Incubation, and Islamic Finance Capital Markets (which is undertaken by a DFSA licensed entity strictly within the DIFC, Dubai). Siraj Capital is based in Jeddah Saudi Arabia, with an affiliate in Dubai, UAE.
Ibrahim Mardam-Bey, co-Founder and CEO of Siraj Capital added, "Delta offers Siraj Capital a unique opportunity to invest in a dynamic, successful Saudi entrepreneurial business with the potential for sustained sizeable growth. This investment is typical of Siraj’s traditional merchant banking approach, where we strive to invest in companies with tier A management teams, in growth sectors, and in Saudi Arabia; what we believe to be a unique market for direct investments. We believe Delta is indicative of what can be achieved by Saudi based business”.
Maher Othman, VP at Siraj Capital commented, “The liberalization of the Saudi telecom sector, with the entry of new players such as Mobily, Zain, Atheeb & ITC, as well as the development of new economic and industrial cities, has led to a large increase in demand for infrastructure services. Solutions providers such as Delta, who are able to deliver consistent, quality service, are well positioned to benefit from this massive multi- billion riyal infrastructure spend. Furthermore, the highly fragmented nature of the industry offers interesting consolidation opportunities which Siraj and Delta are looking to actively pursue.”