Intel and Dubai Silicon Oasis Invests in Dubai Based Software Developer Sphere Networks
Intel Capital did its first investment in the region in 2000, when it poured an undisclosed amount of money into a portal company, Arabia Online, according to RedHerring, the business went bankrupt. In November 2005 Intel has set up a $50-million fund to invest in technology companies in the Middle East and Turkey. But I did not hear any regional funding announcements. Only the investment on May, 2006 in Orascom Telecom WiMAX Limited, a joint venture with Orascom Telecom of Egypt.
Sphere Networks is a software development firm that specializes in enterprise network management applications. It was founded in 2005 by Mohamed Hamedi and developed the Arena suite of network which includes: Arena Security Suite, Arena Performance Suite, Arena Configuration suite, Arena Operation suite, and Arena Asset management suite.
The investment will allow Sphere Networks to increase its regional presence and to extend its product offering. The amount of the investment was not disclosed.
The investment, announced by Christian Morales, Intel VP Sales & Marketing and General Manager, Europe Middle East and Africa, is part of Intel’s drive to expand its economic, educational and technology-related support across the UAE.
Under this program, Intel continues to increase its investment in four key areas: local entrepreneurship, education, digital accessibility and specialized technical competencies, to help promote technology skills, knowledge transfer and jobs creation in the UAE.
Commenting on the announcement, Morales underlined the importance of fostering innovative, home-grown ideas and noted that today’s news illustrates Intel’s ongoing commitment to collaborate with local players that share the vision of taking entrepreneurial projects to the next level of global competitiveness.
At a press gathering, Feroz Sanaulla, Intel Capital Director, Middle East, Turkey and Africa added: ‘Sphere’s strong involvement with the local channel and their focus on developing UAE designed technology is in line with our long-term drive to endorse local ideas and innovation to advance computing and communications platforms in the UAE.’
Commenting on the occasion, Mohamed Hamedi, CEO and Founder of Sphere Networks said, ‘At Sphere Networks, we constantly look at new ways to provide synergistic tools that allow our customers to manage their networks easily, securely and cost-effectively. The investment by Intel and Dubai Silicon Oasis will help us provide the necessary tools to make our customers’ networks some of the best-run networks in use today.’
Joined at the press was Dr. Juma Al Matrooshi, Senior Chief Corporate Services Officer at Dubai Silicon Oasis Authority (DSOA), who said, ‘We believe that today’s announcement underlines Dubai Silicon Oasis’ position as one of the premier technology, research and development hubs in the region’
‘Technology transfer and collaborations are the order of the day and close collaborations bring people and societies together. We believe this move will reinforce our ongoing commitment to contribute to the country’s overall economic development and the creation of a knowledge – based economy.’ Dr. Juma Added.
Intel currently works with several local governments, educational institutions, businesses, NGOs, program developers, local businesses, and other groups to expand the use and understanding of technology.
Intel Capital invests in promising technology companies worldwide. Since 1991, Intel Capital has invested more than US$7.5 billion in approximately 1,000 companies in 45 countries, making it one of the largest venture capital entities in the world with offices in established and emerging markets around the world.
Dubai Silicon Oasis (DSO) is a Dubai Government Technology Oasis project, built on Multi Billion Dollar village – Spread over 7.2 sq-km for IC Design, Systems Assembly, Manufacturing companies, warehousing and for setting up regional offices.
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Tags: WIMAX, 2008, UAE, Capital, funding, Dubai, Orascom Telecom, VC & Capital, Inetl, Intel Capital, Dubai Silicon Oasis, DSO, Sphere Networks, enterprise network management, networking, Arena, Investment, 2007, 2005, Joint Venture