Injazat Fund invests $5 million in Omnix International
Middle East venture capital firm Injazat Technology Fund has invested five million dollars against 31 percent shareholding in Omnix International to further strengthen its new digital media solutions venture, Omnix Media Networks (OMN).
OMN's projected return on investment exceeds $40 million in the first year of operations. The company will focus on providing turnkey Information Technology and Audiovisual solutions for hospitality, government and enterprise businesses in the Middle East. It will have its headquarters in Dubai Media City, United Arab Emirates (UAE), and affiliate offices in Canada and across the Middle East.
Omnix International is active in the design, integration and maintenance of integrated technology systems, providing solutions and services. The company provides its customers specialized turnkey solutions in document management, professional audio-visual, financial amd performance management, content management and process automation, geographic information systems (GIS), Internet-based application, virtual reality and visualization.
Injazat Technology Fund is a $50 million Venture Capital Fund operating in compliance with Shari'a principles and targeting technology companies within the Middle East and North African (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 (IDB), by Gulf Finance House (GFH), in partnership with Dubai Islamic Bank, Saudi Economic and Development Company (SEDCO) and Iran Foreign Investment Corporation (IFIC). — (menareport.com)
© 2003 Mena Report (www.menareport.com)
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