DiamondCluster debuts down at Dubai Internet City

NASDAQ-quoted DiamondCluster, one of the few companies to successfully ride out the boom and bust cycle of the internet consultancy sector at the turn of the millennium, has launched its Middle East operations out of a new office down at Dubai Internet City.

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By  Stuart Wilson Published  July 18, 2005

NASDAQ-quoted DiamondCluster, one of the few companies to successfully ride out the boom and bust cycle of the internet consultancy sector at the turn of the millennium, has launched its Middle East operations out of a new office down at Dubai Internet City. DiamondCluster has come a long way from the dizzy days of the dotcom frenzy when share prices rose to meteoric levels based on unprecedented hype and business fundamentals were forced to take a back seat. Today, DiamondCluster is positioned as a much more serious global management consultancy, offering clients cutting-edge services across a range of verticals including telecoms, media and high-technology industries. Adam Gutstein, president at DiamondCluster, explained the rationale behind opening an office in Dubai: “The Middle East represent a vibrant and expanding market for the company and this move reflects its importance.” Victor Font, managing director at DiamondCluster’s newly formed Middle East operation, said: “By creating a scalable support infrastructure in Dubai we can better serve our clients needs. Our investment in Internet City will enable us to develop further in line with our rapidly expanding regional client base. DIC’s status as the regional hub for telecommunications and high technology will create further opportunities for us.” “DiamondCluster’s global consultancy expertise in technology, telecoms and media will add value to the Dubai Internet City community,” said Jamal Abdulsalam, executive director at DIC. “We are confident that they will enrich the pool of services available in the DIC cluster. We look forward to providing them the infrastructure and operational support necessary to achieve their business goals.” DiamondCluster now employs more than 600 consultants around the world. The company posted sales of US$219.8m for the year ending March 2005 and currently has a market capitalisation of just under US$400m. Back in early 2000, DiamondCluster was one of a number of companies that were being billed as the architects of the new internet economy. At one point, DiamondCluster’s share price touched US$100, giving it a market capitalisation worth billions of dollars. While many of its peers eventually went out of business or were sold as the dotcom frenzy died a death, DiamondCluster was one of the few companies that managed to successfully adapt its business model.

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