New Lamprell joint venture to promote digital solutions

Lamprell has signed a joint venture agreement with UAE-based Injazat to create and market digital products and services focusing predominantly on the renewables and oil and gas industries.

The partners will initially invest $7m split equally between them into the joint venture in 2021, which will be registered in the Abu Dhabi Global Markets financial centre.

The new company will be led by directors appointed from both parties, as well as independently.

Lamprell CEO Christopher McDonald 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."

Injazat CEO Ussama Dahabiyeh added: “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."

The joint venture constitutes a Class 2 transaction pursuant to the UK Listing Rules.

Source: renews.biz

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