Injazat, the UAE?s specialist in digital transformation, and Lamprell, a leading provider of services to the international energy sector, have announced the signing of a joint venture (JV) agreement to create and market innovative digital solutions focusing predominantly on the renewables and oil and gas industries
With the initial funding of US$7mn split equally between the partners and being invested in 2021, the fully incorporated 50-50 JV will be registered inside Abu Dhabi Global Markets financial centre.
With directors to be appointed from both parties, as well as independently, it will serve to bring to market a number of digital ventures, creating independent revenue streams.
Christopher McDonald, CEO of the company, 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 know-how while continuing to improve our traditional businesses through the application of emerging digital technologies.
?We are delighted with the progress that has been made culminating in today?s announcement and the team is looking forward to taking the JV to the next level.?
Ussama Dahabiyeh, CEO of Injazat, said, ?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.?