Abu Dhabi’s market leader in digital transformation, cloud, and cybersecurity, Injazat has entered into a joint venture (JV) agreement with Lamprell, a leading provider of services to the international energy sector, to create and market digital solutions for renewables and oil and gas industry.
The JV will serve to bring a number of digital ventures, creating independent revenue streams to the market. The initial funding of $7 million will be split equally between the partners for investments to be made this year, the fully incorporated 50-50 JV will be registered inside the award-winning international financial center Abu Dhabi Global Markets (ADGM), with directors to be appointed from both parties, as well as independently.
“Establishing new markets with strategic partners such as Injazat and its parent company G42 is fundamental to the evolution of our digital business. Lamprell’s Digital business unit allows us to focus on monetizing our unique experience and know how whilst continuing to improve our traditional businesses through the application of emerging digital technologies.”
Commenting on the JV Ussama Dahabiyeh, CEO of Injazat stated, “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.”
The UAE-based company is a leading provider of fabrication, engineering and contracting services to the offshore and onshore oil & gas and renewable energy industries. The company employs more than 5,000 people across multiple facilities, with its primary facilities located in Hamriyah.