Finally Intel Capital Fund for Middle East is Put to Work with Investments in Three UAE Companies
Finally the US$50 million Intel Capital Fund in Middle East and Turkey is moving, after several years with money setting in the bank with no investments. Intel Capital, Intel Corporation’s global investment organization, has announced an investment in three UAE-based technology companies: Conservus International FZ-LLC, Pulse Technologies FZ-LLC, and Vertex Animation Studio FZ-LLC. The funding, from the Intel Capital Middle East and Turkey Fund, will assist the companies in pursuing regional growth and development plans in addition to extending their product offerings. Intel Capital led all three investments; the amount of each investment was not disclosed.
Intel Capital Middle East and Turkey Fund invest in companies developing innovative hardware, software, local content, and services throughout the Middle East and Turkey.
The announcement coincides with Intel’s president and CEO, Paul Otellini, visit to the gulf region. The visit focused on driving and expanding economic, educational and technology-related support for the region.
“The Middle East is home to a great deal of talent and innovation. We look forward to collaborating with these dynamic companies and helping them take the necessary steps towards global competitiveness.” Said Arvind Sodhani, president of Intel Capital and executive vice-president of Intel.
The companies benefiting from Intel Capital’s investment are as follows:
• Conservus International FZ-LLC: An IT/Media marketing company that is responsible for the conceptualization, design and development of a revolutionary digital targeted advertising medium known as MyConservus Portal.
• Pulse Technologies FZ-LLC: A leading manufacturer of building automation systems, specifically catering to property and hotel developers across the Middle East, Southeast Asia and Europe.
• Vertex Animation Studio FZ-LLC: A cutting edge technology firm focused on providing world-class services in the field of animation, virtual reality applications and 3D multiplatform games via a multitude of technological platforms.
The investments in these local firms follows the announcement in November 2008 of Intel Capital’s investment in UAE-based Sphere Networks, an emerging national software development firm specializing in enterprise management, in which Dubai Silicon Oasis is also a shareholder.
“As a key player in the IT industry, Intel has an important role to play in helping grow and shape the Information and Communication Technology ecosystem across the region. The Middle East is an important market and we believe that by working with local IT firms we will help these companies contribute towards the region’s overall economic development, in addition to aiding the creation of a knowledge-based economy,” said Feroz Sanaulla, Regional Director of Intel Capital in the Middle East, Turkey and Africa.
ArabCrunch welcomes Intel move, and hope to see more investments from Intel in Arab originated startups this year.