HP and Chescor offer cash for UAE net starts

Hewlett-Packard and Chescor Capital have launched “ebticar”, an Internet funding programme that aims to promote UAE ventures.

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By  Peter Conmy Published  August 5, 2000

Hewlett-Packard together with Chescor Capital, a leading project and corporate advisory firm operating in the Middle East and the Indian subcontinent, have launched “ebticar”, an Internet funding programme that aims to promote UAE ventures totalling in excess of US $100 million of investment.

The UAE was chosen as a base because of its pioneering spirit, its growing IT and telecommunication environment, and the active interest of its Government in the new economy.

Etisalat, says the new company, has a reliable and state-of-the-art network, enabling the secure exchange of information and funds.

Additionally the Dubai Internet City free zone, operational by October 2000, will offer physical as well as legal infrastructure to host Internet related projects.

“With our heritage of promoting .com companies in Silicon Valley, leveraged with Chescor Capital’s expertise in setting up joint-ventures in the UAE and with the backing of the UAE Offsets Group, we are now ideally placed to become the regional leader in the provision of Internet solutions” said Solomon Bengui, General Manager, Business Computing Solutions, HP Middle East.

The programme will primarily focus on business-to-business ventures in the main sectors of the regional economy: oil & gas, financial services, trade, government & telecommunications.

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