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Intel to Invest in UAE-based Technology Companies
Published Feb 19, 2009
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Intel, the world's largest maker of computer chips, announced today it will invest in three UAE-based technology companies.
The funding from the US$50 million 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.
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.
Intel Capital is committed to investing in local companies and encouraging entrepreneurship in technology in the Middle East to help provide communities with useful technology platforms, commented Arvind Sodhani, president of Intel Capital and executive vice-president of Intel.
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.
“We have a strong pipeline for future investments in the region,” Feroz Sanaulla, director of Intel Capital’s Middle East, Turkey and Africa division, said during a press conference. “Several hundred million dollars have been deployed in the region, and you will see more in the next few months.”
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.
Under the Intel Capital program, Intel plans to continue supporting local entrepreneurship in the Middle East through its investments in education, digital accessibility and specialized technical competencies.
The purpose of doing so is to help promote technology skills, knowledge transfer and job creation in the UAE.
Posted by
ROOT Technologies
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