"The acquisition will strengthen STME's position in the regional IT sector as we can effectively leverage advanced, well-established and industry-proofed solutions," said Abu Shaar. "Our role is to help businesses of all sizes to manage, store and protect data effectively and cost-efficiently. We continually assess new technologies and bring them to the region to enhance our portfolio and offer our customers value added services."

Founded in 1982, STME is an established regional data storage and IT solutions and services provider. STME's partners include NetApp, Symantec, Hitachi Data Systems, among others. The company has served over 400 enterprise customers. STME has a presence throughout the Gulf region, Egypt, Levant and Pakistan.

"STME is a valuable addition to our ICT portfolio," said Suleiman Al-Assaf, CEO, MIC. "It has a strong regional base and its operational strengths complement our other investments well. ICT remains one of the more buoyant sectors within the crisis and so we expect the acquisition of one of this industry's key players to generate substantial returns."