Injazat, one of the region’s leading companies for digital transformation, cloud and cybersecurity, has entered into a joint venture with Lamprell, a leading service provider to the international energy sector, to create and market digital solutions focusing on the renewables and oil and gas industries.
With the initial funding of $7 million split equally between the partners and being invested in 2021, the fully-incorporated 50-50 JV will be registered at the Abu Dhabi Global Markets financial centre. Directors of the JV company will be appointed from both parties, as well as independently.
The joint venture will serve to bring to market a number of digital ventures, creating independent revenue streams.
“Establishing new markets with strategic partners such as Injazat and its parent company G42 are fundamental to the evolution of our digital business,” said Christopher McDonald, Chief Executive Officer, Lamprell. “Our digital business unit allows us to focus on monetizing our unique experience and know-how whilst continuing to improve our traditional businesses through the application of emerging digital technologies.”
Ussama Dahabiyeh, Chief Executive Officer, Injazat, added: “We are excited and proud to announce our Joint Venture with Lamprell which will become a catalyst to transform both of our businesses.
“We believe that digital transformation is best achieved through partnership and co-creation that harnesses the experience and capabilities of partners to create new value. Lamprell brings a wealth of knowledge in the domain and we bring our digital experience, venture building capability and ecosystem.”
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