UAE’s digital transformation leader Injazat said it has joined forces with Lamprell, a leading provider of fabrication, engineering and contracting services, to set up market innovative digital solutions focusing predominantly on the renewables and oil and gas industries.
With the initial funding of $7 million split equally between the partners, the fully incorporated 50-50 joint venture 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.
On the new venture, 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," noted McDonald.
A leading player in the energy sector, Lamprell has over 40 years' experience in providing fabrication, engineering and contracting services to the offshore and onshore oil and gas and renewable energy industries.
The group has established leading market positions in the fabrication of shallow-water drilling jackup rigs, liftboats, land rigs, and rig refurbishment projects, and it also has an international reputation for building complex offshore and onshore process modules and fixed platforms.
"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," he added.
Injazat CEO Ussama Dahabiyeh 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," he added.-TradeArabia News Service