ITF acquires minority stake in Ducont.com

The $50 million Injazat Techno-logy Fund (ITF) has bought a minority stake in Ducont.com, based in the Dubai Internet City, according to a source.

The deal was formalised yesterday, but the extent of ITF's shareholding or its investment in Ducont were not available. The details would be unveiled soon.

As per ITF's corporate philosophy, it does not take a controlling interest in any venture, and leaves management control to its original promoters. "Our position is to be the value-added investor from the region for the region," said Mohammed Mejai of ITF on the new deal.

For ITF, this is its second venture since it came into being in early 2001. In December, the fund bought a stake in Docman, an offsite document management company based in Jebel Ali Free Zone.

Ducont.com offers solutions to facilitate mobile commerce. Its primary shareholders are Ivan Fernandes and Ahmed Alrafi, and its clients include Etisalat, Dubai Municipality, Emirates Financial Services and National Bank of Fujairah, among others.

ITF approached Ducont in mid-2001. Internal auditing and due diligence were done in the last quarter of 2001.

ITF's major shareholders are Gulf Finance House and Islamic Corp for Development of the Private Sector, an affiliate of Islamic Development Bank. Both have put $12 million each in ITF. Dubai Islamic Bank has invested $5 million in the fund.