Injazat Technology Fund, the first Islamic venture capital firm in the MENA region, has announced the appointment of Rami Bazzi as the Fund Manager. The step is expected to reinforce the company’s strategy to give added importance to the region’s emerging IT market.
Injazat Technology Fund is a US$ 50 million venture capital company established to invest in companies which significantly contribute to the growth and development of the IT sector in the 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) and by Gulf Finance House (GFH), in partnership with Dubai Islamic Bank, Saudi Economic and Development Company (SEDCO) and Iran Foreign Investment Corporation (IFIC).
“We are proud to have Mr. Bazzi in our team. He brings with him extensive experience in the areas of corporate strategy, shareholder value improvement, business valuation, risk management and credit risk,” said Hussein Rifai, Chief Executive Officer, Injazat, “we wish him success in his new position and we are certain that he will play a major role in developing our operations in the region.”
Bazzi will be in charge of evaluating, negotiating and finalizing of investment deals. “I look forward to adding to Injazat’s success in private equity investments. Injazat Technology Fund will continue to focus on supporting the technology sector in the MENA region, by investing in companies with top-quality management and exceptional growth potential. While we target most sectors of the technology industry, we are currently putting special emphasis on Media and Telecom,” said Bazzi.
Prior to joining Injazat, Bazzi worked for a regional commodity trading group, Deloitte Consulting and with the Royal Bank Financial Group in Toronto, Canada.