Development Fund exhibits at GITEX

The Technology Development Fund is at GITEX for the first time with some of the young Egyptian companies that have been included in its fund.

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By  Vijaya Cherian Published  November 20, 2006

The Technology Development Fund (TDF), a venture capital fund propelling the growth of young Egyptian companies in IT, has selected nine companies exhibiting well-researched, viable and innovative plans for inclusion in the Fund. The Fund, owned by financial group EFG-Hermes, provides the chosen companies with venture capital financing, strategic support services as well as incubation facilities in Egypt’s Smart Village. “The importance of building entrepreneurship in the Middle East cannot be understated, especially for companies in an early stage of high growth and maturation,” says Ahmad Gomaa, chief executive officer, Ideavelopers. This is an exciting time for these companies and for the burgeoning IT scene in Egypt,” he adds. Ideavelopers is the Fund management advisor, assisting in assessing investment opportunities and portfolio management, and providing strategic and consulting services to the companies. Set initially at US $8.7 million, the Fund’s first issue has attracted such investment that TDF is now opening a second issue for which the investment opportunity will triple to US $26.1 million, according to Yasser el Malawani, chairman of EFG-Hermes. Of this, the largest allocation will go to outsourcing as well as other export-oriented opportunities.

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