Injazat UAE digital transformation entity and Lamprell, a leading provider of services to the international energy sector, signed a joint venture (JV) agreement to create and market innovative digital solutions focusing predominantly on the renewables and oil & gas industries. The Joint Venture will seek to digitize the renewable oil and gas industries using technologies such as Blockchain, Artificial Intelligence and IOT ( internet of things) among others.
With the initial funding of US$ 7 million split equally between the partners and being invested in 2021, the fully incorporated 50-50 JV will be registered inside the award-winning Abu Dhabi Global Markets financial centre. With directors to be appointed from both parties, as well as independently, it will serve to bring to market a number of digital ventures, creating independent revenue streams.
Christopher McDonald, Chief Executive Officer of the Company 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. We are delighted with the progress that has been made culminating in today’s announcement and the team is looking forward to taking the JV to the next level.”
Ussama Dahabiyeh, Chief Executive Officer of Injazat said: “We are excited and proud to announce our Joint Venture with Lamprell which will become a catalyst to transform both of our businesses. 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.”