Dubai: Abu Dhabi based Injazat Data Systems is entering a joint venture with Lamprell, the contractor for the energy industry, to create and market digital solutions for the oil and gas industry. These solutions will primarily cater to renewables.
It will serve to bring to market a "number of digital ventures, creating independent revenue streams". An initial funding of $7 million will be split equally for investments this year. The new venture will be registered at Abu Dhabi Global Markets financial centre, with directors to be appointed from both parties, as well as independently.
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."
Injazat, which was set up in 2005, has its expertise in cloud services and cyber security.