Injazat Technology Fund, a venture capital firm in the Middle East North Africa (MENA) region, has announced its investment of five million dollars in Raya Holding, the largest IT holding company in Egypt.
Raya was chosen due to the outstanding achievements in the Egyptian and Regional market and the significant growth of its revenue from 88 million Egyptian pounds ($14 million) in 1998 to EP 757 million by end of 2003, as a result of winning numerous national and regional projects, in addition to call center outsourcing
Injazat Technology Fund is a $50 million venture capital company that was established with one major objective: to identify and invest in companies which have contributed significantly to the growth and development of the IT and technology sector in the region. The Fund has therefore announced its commitment to investing in Egypt, where it feels there has been tangible progress in the economic condition, and where governmental initiatives
have been steadfast on attracting foreign investors. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
