Injazat, Lamprell to create digital solutions JV for energy sector
Injazat, a UAE-based IT company, has agreed to form a joint venture (JV) with oil rig construction firm Lamprell for creating and marketing digital solutions focusing mainly on the renewables and oil and gas sectors.
The 50:50 joint venture will be backed with initial funding of $7 million. It will be registered inside the Abu Dhabi Global Markets financial center.
Christopher McDonald – CEO of Lamprell said: “Establishing new markets with strategic partners such as Injazat and its parent company G42 are fundamental to the evolution of our Digital business.
“Lamprell’s Digital business unit allows us to focus on monetising our unique experience and knowhow whilst continuing to improve our traditional businesses through application of emerging digital technologies.”
Both Injazat and Lamprell will appoint directors for the joint venture which will also bring to market various digital ventures for establishing independent revenue streams.
Ussama Dahabiyeh – CEO of Injazat said: “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.”