Injazat Technology Fund seals investment deal with Broadlink Research
Injazat Technology Fund (ITF), the US$50 million private equity fund of the pioneering Shari’a compliant investment bank Injazat Capital, has recently signed a deal with Broadlink Research (BLR), a unique UAE-based telecom solutions manufacturer that creates unique wireless products targeted towards niche market segments.
ITF operates in compliance with Shari’a principles and targets technology and communications companies in the Middle East and North Africa region. The technology fund provides financial and strategic business support to companies such as BLR, with aims that include maximising investor returns, reducing risks by investing in a diversified portfolio and participating in the development of the ICT market in the region.
Commenting on the deal, Rami Bazzi, Principal, ITF said: “We are pleased to add Broadlink Research to our portfolio of companies as it presents excellent opportunity for growth and value creation. BLR is a global player with a strong management team that processes a proven track record.”
Specialising in wireless technology, BLR delivers telecom solutions to international distributors and associates with market-leaders across many industries to meet consumer demands. The company has expertise in product design, development, manufacturing and sales and has recently launched an innovative Disney branded mobile phone.
The phone has been successfully launched last month in Italy in partnership with Vodafone and is being launched today in Dubai. “We at Broadlink Research are pleased to have ITF as a partner. Both Broadlink and ITF represent a unique breed of new companies that are taking roots in the Middle East. We hope and believe that our joint success will inspire many other world class technology and technology funding companies to choose Dubai as their home”, said Dr. Hamid Najafi, cofounder and CEO of Broadlink Research.
“ITF has been working closely with the management team for over a year on the structure of the company and its strategic alliances with other players such as Disney “added Bazzi.
As a result of the investment deal, ITF will acquire 35 per cent of BLR’s shares and will have members on BLR’s board of directors. ITF is one of two funds managed by Injazat Capital, the second being Shefa Healthcare.
“By investing in promising companies, Injazat continues to sustain and accelerate technology development in the region, and our investment in BLR reinforces our mission of supporting innovative companies achieve value creation. Injazat Capital is also supporting BLR in its second round of financing to expand the business” Bazzi concluded.