US$ 50 million VC fund for MENA region

Injazat Technology Fund promises to boost viable technology start-ups and support the region's IT entrepreneurs, with its US$50 million cash chest and expert advice.

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By  Maddy Reddy Published  September 28, 2003

Injazat Technology Fund, a leading venture capital (VC) firm in the Middle East and North Africa (MENA) has issued an open invitation to entrepreneurs in the region to present their business plans for consultation and funding of selected candidates.

Technology Companies interested in participating can submit their business plans on www.injazatfund.com for screening by Injazat's in-house strategy, technology, finance and consulting experts. Selected applicants will be asked to deliver a twenty-minute presentation, on October 18, 2003, during Gitex Dubai 2003, at the Fairmont Hotel from 10:00 a.m. to 6:00 p.m, before Injazat's expert panel.

Injazat Technology Fund works with start-up businesses that operate according to Islamic (Shari'a) principles, which blend profit motive with social responsibility and commitment to regional development.

"By providing this opportunity to companies across the MENA region, Injazat would like to emphasis its commitment to boost the region's economy. As a VC, Injazat is driven not only by profit purposes but also by social responsibility and commitment to the region's development", said Hussein Rifai, chief executive officer, Injazat Technology Fund.

According to Injazat, local entrepreneurs in the small and medium business (SMB) sector in the region suffer from a lack of professional guidance and the necessary funds to grow.

With its 'From the Region, For the Region,' slogan Injazat is targeting select professionally managed information technology, communications and entertainment companies.

Injazat Technology Fund is a US$ 50 million VC fund initiated by the Islamic Corporation for the Development of the Private Sector (ICD), an affiliate of the Islamic Development Bank (IDB), by Gulf Finance House (GFH), in partnership with Dubai Islamic Bank, Saudi Economic and Development Company (SEDCO) and Iran Foreign Investment Corporation (IFIC).

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