Injazat Technology Fund recently signed an initial investment contract with Promedia Systems, a specialist in the audiovisual systems, specialist lighting, data networking and integrated systems installation sector. Promedia is based in Dubai with regional offices in Doha and Riyadh.
Under the agreement, Injazat will acquire a 31.25 percent equity stake in Promedia to enable it to carry out expansion plans in the Middle East. Injazat is investing in Promedia alongside partner company Omnix Media Networks, in which Injazat invested in 2003 and currently holds a significant stake. Injazat is proposing to merge the two entities into one. The contract was signed by Jamal Abu Issa, chairman, Promedia and Omnix Media Networks, and Hussein Rifai, CEO of Injazat.
On the signing, Rifai commented: “The specialist audiovisual and integrated systems sector offer a huge potential in today’s knowledge-based society. Integrated solution providers like Promedia, backed by their track record of providing proven technology, high-quality products and best engineering practices, are always in high demand.”
He continued, “One of the key objectives of the new arrangement is that Promedia will be able to complement the services and operations of Omnix Media Networks, provide additional personnel and technical resources to service clients’ needs and expand the operations of the combined entity across the Middle East. We will also support Promedia with our management expertise and our two portfolio companies throughout the business integration period. We have experts who have mastered the dynamics of specific businesses and regional markets, as well as the post-merger integration process. The synergies we share with Promedia could lead to higher revenues in the long run and boost its profile at the regional level.”