Dubai, UAE 26th April, 2011: FRiENDi GROUP the leading MVNO/B-brand provider in the MENA region has secured USD 25 million of new funding to further accelerate expansion plans across the Middle East, Africa and Asia region. FRiENDi GROUP is an award-winning telecommunications group established in 2006 that is headquartered in Dubai Internet City, and operating as a Mobile Virtual Network Operator (MVNO) and B-Brand enabler. FRiENDi GROUP is using a proven business model delivering significant benefits to its customers and mobile telecom operator partners, and today is operating either MVNOs or B-brand partnerships in Oman, Jordan and Saudi Arabia. The new funding for FRiENDi GROUP consists of USD 10 million equity from new and existing shareholders, plus a USD 15 million structured debt facility from Standard Bank. The sizeable new funding for FRiENDi GROUP is a vote of confidence from international financial institutions and investors in the company as well as the future potential of the region’s mobile telecommunications sector. Commenting on the new funding Mikkel Vinter CEO& Founder, FRiENDi GROUP said; “FRiENDi GROUP continues to expand rapidly, and benefit from telecom markets across the Middle East, Africa, and Asia region moving towards increasingly segmented customer propositions. The new funding from distinguished financial institutions and investors supports FRiENDi GROUP’s vision of establishing a multi-market regional footprint. We are particularly delighted that the approval of the Standard Bank facility follows an exhaustive bankability review by Standard Bank of FRIENDI GROUP’S operations and its future prospects”. The USD 10 million equity element of this funding is provided partly by existing FRiENDi GROUP shareholders, led by Dolphin International LLC of Oman, and partly by a new shareholder, National Technology Enterprises Company (NTEC) of Kuwait. NTEC is mandated by the Kuwait Council of Ministers with a clear strategy and goals, and was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. NTEC's business model is that of a Technology Projects Development company utilizing investment tools such as Private Equity, Venture Capital and Direct Investments to initiate and stimulate Technology Projects in Kuwait and the local region. Speaking on the entry of NTEC as a new shareholder of FRiENDi GROUP, Mr. Ghassan Al-Sultan, Senior Manager of Investment Projects from NTEC said; “NTEC invests equity in high-tech companies that have the potential of regional expansion, and a proven concept with a sustainable business model. We are confident that the FRiENDi GROUP has a bright future ahead of it, and the success of FRiENDi GROUP’s existing operations underscores the attractiveness of this opportunity”. Mr. Mohamed Y. Al Ibrahim, Managing Director of Dolphin International LLC and member of the Board of Directors for FRiENDi GROUP said; “As a privately owned Omani company Dolphin International has enjoyed a partnership with FRiENDi GROUP since 2006. Our latest additional investment in FRiENDi GROUP reflects the success of the Group to date, and our shared vision of the future growth opportunities in the region’s attractive mobile telecommunications market”. The USD 15 million structured debt facility has been provided by Standard Bank, a global bank with emerging market focus headquartered in South Africa. Standard Bank has operations in 32 countries across Africa, Europe and the Americas. Commenting on the financing, Rassem Zok, CEO, Standard Bank plc, MENA, said; “Standard Bank is delighted to have provided financing to FRiENDi GROUP, the leading service based mobile provider in the MENA region. This facility demonstrates our committed support to the development of innovative telecoms services. Our team’s considerable sector and structuring expertise combined with local and international market knowledge enables us to offer highly structured financing solutions to clients in our core regions”. ENDS For more information please visit: www.friendigroup.com About Dolphin International LLC Dolphin International LLC, a privately owned Omani company was established in 1985. It is committed to provide a steady stream of income for shareholders through high standards of excellence, enriched relationships, and seamless execution of innovative ideas. Dolphin International LLC takes pride in its diverse portfolio of investments in Banking, Infrastructure, Education, Healthcare, Telecommunications, Bio-Technology, Oil & Gas, Advertising, Real Estate, Construction, Surgical products. About National Technology Enterprises Company (NTEC) The National Technology Enterprises Company (NTEC) was established, in November of 2002 and operational in late 2004, by the Kuwait Council of Ministers as a fully owned subsidiary of the Kuwait Investment Authority (KIA). Capitalized initially at 100 Million Kuwaiti Dinars (Approximately 350 Million U.S. Dollars), with a paid up capital of 45 Million Kuwaiti Dinars. NTEC was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. NTEC's business model is that of a technology projects development company utilizing investment tools such as Private Equity, Venture Capital and Direct Investment with a mission to lead both government and private sectors in the development and application of leading edge technology. NTEC invests in high potential companies that are fully developed or at the forefront of developing new technologies which will be beneficial in the development of not only the State of Kuwait but the region as a whole. NTEC is also expanding on its relationships with the various governmental agencies in order to position itself as a technology gateway and advisor for both governmental and private sectors; thus, bridging the gap between both sectors and attempting to support the nation's aggressive development plan. As part of its operational focus is International Corporate Venture Capital investments; NTEC drives to create viable and financially attractive investment opportunities, with clear exit strategies and favors a co-investment role. NTEC’s investments are focused in three main sectors: Life Sciences, Energy, Water, Clean tech, and Information & Communication Technology. About Standard Bank Group Rooted in Africa with strategic representation in key sub-Saharan and other emerging markets, Standard Bank Group is a bank with a global reach. The holding company is based in Johannesburg, South Africa, and listed on the securities exchange operated by the JSE Limited as Standard Bank Group Limited. It has been a mainstay of South Africa's financial system for almost 150 years. Standard Bank Group is a leading African banking group focused on building first-class on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other. It has a footprint which now spans 17 countries across the African continent, including South Africa, and 15 countries outside Africa, including China and Brazil, which are key to its cross border strategy and success. The Corporate & Investment Banking division offers its clients banking, trading, investment, risk management and advisory services to connect selected emerging markets to Africa and to each other. It has specific global sectoral expertise, particularly in natural resources, with value propositions in: mining and metals; oil and gas; power and infrastructure; and telecoms and media. Standard Bank Plc in London is the bank's principal international subsidiary. It is authorised and regulated by the Financial Services Authority, and is a member of the London Stock Exchange, the London Bullion Market Association, the London Metal Exchange, the London Platinum and Palladium Market and the New York Mercantile Exchange (COMEX Division). Through its branch in Tokyo, it is also a member of the Tokyo Commodities Exchange (TOCOM). It has major trading affiliates in Brazil (Banco Standard de Investimentos S.A.), Argentina (Standard Bank Argentina S.A.), and Hong Kong (Standard Bank Asia Ltd.) For media queries please contact: BPG Public Relations Rebecca Liedtke: +971509027601 / Rebecca@batespangulf.com Ashutosh Gupta: +971555088835/ Ashutosh@batespangulf.com
Dubai, UAE 26th April, 2011: FRiENDi GROUP the leading MVNO/B-brand provider in the MENA region has secured USD 25 million of new funding to further accelerate expansion plans across the Middle East, Africa and Asia region.
FRiENDi GROUP is an award-winning telecommunications group established in 2006 that is headquartered in Dubai Internet City, and operating as a Mobile Virtual Network Operator (MVNO) and B-Brand enabler. FRiENDi GROUP is using a proven business model delivering significant benefits to its customers and mobile telecom operator partners, and today is operating either MVNOs or B-brand partnerships in Oman, Jordan and Saudi Arabia. The new funding for FRiENDi GROUP consists of USD 10 million equity from new and existing shareholders, plus a USD 15 million structured debt facility from Standard Bank. The sizeable new funding for FRiENDi GROUP is a vote of confidence from international financial institutions and investors in the company as well as the future potential of the region’s mobile telecommunications sector. Commenting on the new funding Mikkel Vinter CEO& Founder, FRiENDi GROUP said; “FRiENDi GROUP continues to expand rapidly, and benefit from telecom markets across the Middle East, Africa, and Asia region moving towards increasingly segmented customer propositions. The new funding from distinguished financial institutions and investors supports FRiENDi GROUP’s vision of establishing a multi-market regional footprint. We are particularly delighted that the approval of the Standard Bank facility follows an exhaustive bankability review by Standard Bank of FRIENDI GROUP’S operations and its future prospects”.
The USD 10 million equity element of this funding is provided partly by existing FRiENDi GROUP shareholders, led by Dolphin International LLC of Oman, and partly by a new shareholder, National Technology Enterprises Company (NTEC) of Kuwait. NTEC is mandated by the Kuwait Council of Ministers with a clear strategy and goals, and was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. NTEC's business model is that of a Technology Projects Development company utilizing investment tools such as Private Equity, Venture Capital and Direct Investments to initiate and stimulate Technology Projects in Kuwait and the local region. Speaking on the entry of NTEC as a new shareholder of FRiENDi GROUP, Mr. Ghassan Al-Sultan, Senior Manager of Investment Projects from NTEC said; “NTEC invests equity in high-tech companies that have the potential of regional expansion, and a proven concept with a sustainable business model. We are confident that the FRiENDi GROUP has a bright future ahead of it, and the success of FRiENDi GROUP’s existing operations underscores the attractiveness of this opportunity”.
Mr. Mohamed Y. Al Ibrahim, Managing Director of Dolphin International LLC and member of the Board of Directors for FRiENDi GROUP said; “As a privately owned Omani company Dolphin International has enjoyed a partnership with FRiENDi GROUP since 2006. Our latest additional investment in FRiENDi GROUP reflects the success of the Group to date, and our shared vision of the future growth opportunities in the region’s attractive mobile telecommunications market”.
The USD 15 million structured debt facility has been provided by Standard Bank, a global bank with emerging market focus headquartered in South Africa. Standard Bank has operations in 32 countries across Africa, Europe and the Americas. Commenting on the financing, Rassem Zok, CEO, Standard Bank plc, MENA, said; “Standard Bank is delighted to have provided financing to FRiENDi GROUP, the leading service based mobile provider in the MENA region. This facility demonstrates our committed support to the development of innovative telecoms services. Our team’s considerable sector and structuring expertise combined with local and international market knowledge enables us to offer highly structured financing solutions to clients in our core regions”.
ENDS For more information please visit: www.friendigroup.com
About Dolphin International LLC Dolphin International LLC, a privately owned Omani company was established in 1985. It is committed to provide a steady stream of income for shareholders through high standards of excellence, enriched relationships, and seamless execution of innovative ideas. Dolphin International LLC takes pride in its diverse portfolio of investments in Banking, Infrastructure, Education, Healthcare, Telecommunications, Bio-Technology, Oil & Gas, Advertising, Real Estate, Construction, Surgical products.
About National Technology Enterprises Company (NTEC)
The National Technology Enterprises Company (NTEC) was established, in November of 2002 and operational in late 2004, by the Kuwait Council of Ministers as a fully owned subsidiary of the Kuwait Investment Authority (KIA). Capitalized initially at 100 Million Kuwaiti Dinars (Approximately 350 Million U.S. Dollars), with a paid up capital of 45 Million Kuwaiti Dinars. NTEC was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. NTEC's business model is that of a technology projects development company utilizing investment tools such as Private Equity, Venture Capital and Direct Investment with a mission to lead both government and private sectors in the development and application of leading edge technology. NTEC invests in high potential companies that are fully developed or at the forefront of developing new technologies which will be beneficial in the development of not only the State of Kuwait but the region as a whole. NTEC is also expanding on its relationships with the various governmental agencies in order to position itself as a technology gateway and advisor for both governmental and private sectors; thus, bridging the gap between both sectors and attempting to support the nation's aggressive development plan. As part of its operational focus is International Corporate Venture Capital investments; NTEC drives to create viable and financially attractive investment opportunities, with clear exit strategies and favors a co-investment role. NTEC’s investments are focused in three main sectors: Life Sciences, Energy, Water, Clean tech, and Information & Communication Technology.
About Standard Bank Group Rooted in Africa with strategic representation in key sub-Saharan and other emerging markets, Standard Bank Group is a bank with a global reach. The holding company is based in Johannesburg, South Africa, and listed on the securities exchange operated by the JSE Limited as Standard Bank Group Limited. It has been a mainstay of South Africa's financial system for almost 150 years. Standard Bank Group is a leading African banking group focused on building first-class on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other. It has a footprint which now spans 17 countries across the African continent, including South Africa, and 15 countries outside Africa, including China and Brazil, which are key to its cross border strategy and success. The Corporate & Investment Banking division offers its clients banking, trading, investment, risk management and advisory services to connect selected emerging markets to Africa and to each other. It has specific global sectoral expertise, particularly in natural resources, with value propositions in: mining and metals; oil and gas; power and infrastructure; and telecoms and media. Standard Bank Plc in London is the bank's principal international subsidiary. It is authorised and regulated by the Financial Services Authority, and is a member of the London Stock Exchange, the London Bullion Market Association, the London Metal Exchange, the London Platinum and Palladium Market and the New York Mercantile Exchange (COMEX Division). Through its branch in Tokyo, it is also a member of the Tokyo Commodities Exchange (TOCOM). It has major trading affiliates in Brazil (Banco Standard de Investimentos S.A.), Argentina (Standard Bank Argentina S.A.), and Hong Kong (Standard Bank Asia Ltd.) For media queries please contact: BPG Public Relations Rebecca Liedtke: +971509027601 / Rebecca@batespangulf.com Ashutosh Gupta: +971555088835/ Ashutosh@batespangulf.com
NewBridge Pharmaceuticals Completes $12 Million First Close of Series B Financing, Announces Senior Executive Appointments September 17, 2010 Dubai, UAE --(BUSINESS WIRE)—NewBridge Pharmaceuticals FZ-LLC of Dubai, UAE announced today that Joseph W. Henein has been appointed President and Chief Executive Officer and a member of the company’s Board of Directors. Mr. Henein is a senior executive who joins NewBridge after a career extending over 29 years in multinational pharmaceutical corporations, holding a number of senior positions covering many geographies including; US, Europe, and Middle East. Most recently Mr. Henein was the head and Managing Director of Wyeth for the Middle East and Africa (MEA). Joe led Wyeth MEA to an unprecedented growth during his time; the affiliate structure grew from 150 employees to over 500 employees and increased revenues multi-fold to around $450 million in the five-year period from 2004-2009. These record achievements marked the MEA as one of the top fastest growing affiliates in Wyeth. Prior to his role with Wyeth in Dubai, Joe led key global therapeutic areas, from the World Headquarters of Wyeth in the US, most notably infectious diseases as VP and Global Commercial Chair, and served in a senior operational role for MEA and Central Eastern Europe (CEE). Joe also served in various corporate and industry committees; including Wyeth Development Council, Wyeth Development Strategy Board, and Wyeth European Operation Council. On the industry level, he most recently served as the Vice Chair for the PhRMA MEA Committee and the Chair of the PhRMA MEA Ethics Review Board. “I am excited to join NewBridge at such a critical point in its growth,” commented Mr. Henein. “I look forward to working closely with the Board, Management, and Employees of NewBridge to establish a strong regional presence, , expand the breadth of our commercialization excellence, and build value for the company, shareholders and our customers in the region.” NewBridge also announced the appointment of G. Garrett Vygantas, M.D. as Vice President, Corporate Strategy and Business Development. Prior to that Dr. Vygantas served as the interim CEO since the company was founded. In addition NewBridge announced the close of $12 million in Series B financing, bringing the total amount raised to-date to $16 million. The Series B round was led by Kuwait Life Sciences Company (KLSC), a subsidiary of National Technology Enterprises Company of Kuwait with participation by the previous investor Burrill Life Sciences Capital Fund III, L.P. In conjunction with the financing, Mr. Qais Marafie, Chairman of KLSC was appointed to the company’s Board of Directors. In addition, Victor A. Hebert, Managing Director, Burrill & Company has succeeded G. Steven Burrill, CEO, Burrill & Company as Chairman of the Board. Mr. Burrill will continue to serve on the Board of Directors. “Joe Henein brings to NewBridge exceptional leadership and track record of commercial success in the pharmaceutical and medical products industries. Joe has the skills needed to build and grow a successful company,” said Mr. Hebert. “The Board also wants to thank Dr. Vygantas for his leadership and contributions since the company was founded and is pleased that Garrett will remain active with the company as Vice President of Strategy and Business Development,” added Mr. Hebert. “KLSC is pleased to join Burrill & Company as an investor in NewBridge and we are very pleased to have Joe Henein as the CEO. KLSC is dedicated to building one of the region’s most promising pharmaceutical companies,” Mr. Marafie said. About NewBridge Pharmaceuticals Based in Dubai, UAE, NewBridge is a specialty pharmaceutical, biologics, medical devices and diagnostics company serving the Emerging Markets of Africa, Middle East, Turkey, and Caspian regions (collectively, AfMET) to address the unmet medical needs in diseases with high regional prevalence such as cancer, diabetes, renal and cardiovascular diseases and other metabolic disorders. NewBridge in-licenses and commercializes FDA and EMA approved therapeutics, devices and diagnostics. NewBridge is led by an experienced management team and backed by top-tier investors including Burrill & Company and Kuwait Life Science Company. For more information, please visit the company’s website. http://www.nbpharma.com
NewBridge Pharmaceuticals Completes $12 Million First Close of Series B Financing, Announces Senior Executive Appointments
September 17, 2010
Dubai, UAE --(BUSINESS WIRE)—NewBridge Pharmaceuticals FZ-LLC of Dubai, UAE announced today that Joseph W. Henein has been appointed President and Chief Executive Officer and a member of the company’s Board of Directors. Mr. Henein is a senior executive who joins NewBridge after a career extending over 29 years in multinational pharmaceutical corporations, holding a number of senior positions covering many geographies including; US, Europe, and Middle East.
Most recently Mr. Henein was the head and Managing Director of Wyeth for the Middle East and Africa (MEA). Joe led Wyeth MEA to an unprecedented growth during his time; the affiliate structure grew from 150 employees to over 500 employees and increased revenues multi-fold to around $450 million in the five-year period from 2004-2009. These record achievements marked the MEA as one of the top fastest growing affiliates in Wyeth.
Prior to his role with Wyeth in Dubai, Joe led key global therapeutic areas, from the World Headquarters of Wyeth in the US, most notably infectious diseases as VP and Global Commercial Chair, and served in a senior operational role for MEA and Central Eastern Europe (CEE). Joe also served in various corporate and industry committees; including Wyeth Development Council, Wyeth Development Strategy Board, and Wyeth European Operation Council. On the industry level, he most recently served as the Vice Chair for the PhRMA MEA Committee and the Chair of the PhRMA MEA Ethics Review Board.
“I am excited to join NewBridge at such a critical point in its growth,” commented Mr. Henein. “I look forward to working closely with the Board, Management, and Employees of NewBridge to establish a strong regional presence, , expand the breadth of our commercialization excellence, and build value for the company, shareholders and our customers in the region.”
NewBridge also announced the appointment of G. Garrett Vygantas, M.D. as Vice President, Corporate Strategy and Business Development. Prior to that Dr. Vygantas served as the interim CEO since the company was founded.
In addition NewBridge announced the close of $12 million in Series B financing, bringing the total amount raised to-date to $16 million. The Series B round was led by Kuwait Life Sciences Company (KLSC), a subsidiary of National Technology Enterprises Company of Kuwait with participation by the previous investor Burrill Life Sciences Capital Fund III, L.P. In conjunction with the financing, Mr. Qais Marafie, Chairman of KLSC was appointed to the company’s Board of Directors. In addition, Victor A. Hebert, Managing Director, Burrill & Company has succeeded G. Steven Burrill, CEO, Burrill & Company as Chairman of the Board. Mr. Burrill will continue to serve on the Board of Directors.
“Joe Henein brings to NewBridge exceptional leadership and track record of commercial success in the pharmaceutical and medical products industries. Joe has the skills needed to build and grow a successful company,” said Mr. Hebert.
“The Board also wants to thank Dr. Vygantas for his leadership and contributions since the company was founded and is pleased that Garrett will remain active with the company as Vice President of Strategy and Business Development,” added Mr. Hebert.
“KLSC is pleased to join Burrill & Company as an investor in NewBridge and we are very pleased to have Joe Henein as the CEO. KLSC is dedicated to building one of the region’s most promising pharmaceutical companies,” Mr. Marafie said.
About NewBridge Pharmaceuticals
Based in Dubai, UAE, NewBridge is a specialty pharmaceutical, biologics, medical devices and diagnostics company serving the Emerging Markets of Africa, Middle East, Turkey, and Caspian regions (collectively, AfMET) to address the unmet medical needs in diseases with high regional prevalence such as cancer, diabetes, renal and cardiovascular diseases and other metabolic disorders. NewBridge in-licenses and commercializes FDA and EMA approved therapeutics, devices and diagnostics. NewBridge is led by an experienced management team and backed by top-tier investors including Burrill & Company and Kuwait Life Science Company.
For more information, please visit the company’s website. http://www.nbpharma.com
NTEC, as part of its new strategy to promote & support its portfolio companies' technologies, is now hosting P21 at NTEC offices. A service that is provided by NTEC to increase the visibility of unique technologies in Kuwait and the region, specifically the ones belonging to its portfolio and those applicable in the region, thus assisting in the introduction and marketing of such technologies in local markets which results in an increase in value of selected portfolio company. The hosting services NTEC provides are ranging from office space and address, infrastructure support, business development and introductions in the local and regional markets. P21 www.p-21.de develops, produces and markets high quality fuel cell systems and related components for applications in the 2 to 20 kW power range. With its patented, hydrogen-powered PEM fuel cells, P21 is the leading supplier of uninterrupted power supply (UPS) – especially for use in the telecommunications industry.
NTEC, as part of its new strategy to promote & support its portfolio companies' technologies, is now hosting P21 at NTEC offices. A service that is provided by NTEC to increase the visibility of unique technologies in Kuwait and the region, specifically the ones belonging to its portfolio and those applicable in the region, thus assisting in the introduction and marketing of such technologies in local markets which results in an increase in value of selected portfolio company. The hosting services NTEC provides are ranging from office space and address, infrastructure support, business development and introductions in the local and regional markets.
P21 www.p-21.de develops, produces and markets high quality fuel cell systems and related components for applications in the 2 to 20 kW power range. With its patented, hydrogen-powered PEM fuel cells, P21 is the leading supplier of uninterrupted power supply (UPS) – especially for use in the telecommunications industry.
NTEC signed an MOU with the Renewables Energy Academy RENAC www.renac.de of Berlin on July 5, 2010, to establish the first of its kind Training Center in Kuwait specialized in Renewable Energies. The Center is aimed to serve Kuwait and the region in the area of training and further education for technicians, engineers, public and private decisi on-makers, investors and developers in the areas of renewable energy and energy efficiency. The Renewables Academy AG (RENAC) is a global provider of training and education on renewable energy (RE) and energy efficiency (EE) technologies with a goal to disseminate, internationally, the excellent expertise available in Germany for the use of renewable energy and energy-efficiency technologies. RENAC´s education program contributes to a sustainable worldwide energy supply system. In addition to the important technical aspects, RENAC also provides instruction on those topics which are decisive for the market’s growth and for the broader use of renewable energies such as calculations, financing, bankability, marketing, legal aspects, contracts and market development . Where possible, RENAC combines theoretical training with practical hands-on training, either in the training center in Berlin or with a mobile training center which can be transported anywhere. These deepen participants' understanding and assist them in making the link between the knowledge-learned and common applications relevant to their work.
NTEC signed an MOU with the Renewables Energy Academy RENAC www.renac.de of Berlin on July 5, 2010, to establish the first of its kind Training Center in Kuwait specialized in Renewable Energies. The Center is aimed to serve Kuwait and the region in the area of training and further education for technicians, engineers, public and private decisi on-makers, investors and developers in the areas of renewable energy and energy efficiency.
The Renewables Academy AG (RENAC) is a global provider of training and education on renewable energy (RE) and energy efficiency (EE) technologies with a goal to disseminate, internationally, the excellent expertise available in Germany for the use of renewable energy and energy-efficiency technologies. RENAC´s education program contributes to a sustainable worldwide energy supply system.
In addition to the important technical aspects, RENAC also provides instruction on those topics which are decisive for the market’s growth and for the broader use of renewable energies such as calculations, financing, bankability, marketing, legal aspects, contracts and market development .
Where possible, RENAC combines theoretical training with practical hands-on training, either in the training center in Berlin or with a mobile training center which can be transported anywhere. These deepen participants' understanding and assist them in making the link between the knowledge-learned and common applications relevant to their work.
NTEC received the final approval from Kuwait's National Offset Company, NOC, to locally deploy its Global Bridge Initiative GBI, jointly developed with the University of Texas at Austin. The project is a 4-year program funded by an NOC's program Obligors, Thales and Northrop funding the 1st year of the program, and aims to accelerate the development of Kuwait’s knowledge economy and establish a high tech center that will be the catalyst for both domestic and regional wealth creation. The key to regional prosperity is the strategic combination of technology, entrepreneurship, and education. The proposed program will promote new venture creation and will use technology commercialization and entrepreneurship as the engine for economic growth. Kuwait’s recognition as a high technology innovation center and a Gulf Region business gateway depends on an investment in human and business capital that will provide the necessary infrastructure and talent to entice investment. GBI utilizes a disciplined, accountable methodology to deliver measurable objectives. These include: Identification of Kuwaiti innovation with global commercial potential Transfer of U.S. technologies into Kuwait for the formation of new enterprises Identification of Kuwaiti entrepreneurs to lead new businesses Training of Kuwaiti entrepreneurs for international business in technology sectors Establishment of three technology commercialization centers in key sectors: Energy, Biotechnology and Information and Communication Technology (ICT) Connections to international capital and know-how networks Generation of business agreements between foreign and GCC entities that can lead to future international business and technology transfer agreements. Knowledge transfer of technology commercialization methodologies and entrepreneurship education to local partners. This will bring sustainability to the region beyond the duration of the program. These objectives will in turn increase opportunities for technology-based businesses to thrive in Kuwait, be competitive in global markets and attract investments. The GBI program is unique because it combines the transfer of expertise related to the growth and development allowing for self-sustainability as well as proactive business development in an international market.
NTEC received the final approval from Kuwait's National Offset Company, NOC, to locally deploy its Global Bridge Initiative GBI, jointly developed with the University of Texas at Austin. The project is a 4-year program funded by an NOC's program Obligors, Thales and Northrop funding the 1st year of the program, and aims to accelerate the development of Kuwait’s knowledge economy and establish a high tech center that will be the catalyst for both domestic and regional wealth creation.
The key to regional prosperity is the strategic combination of technology, entrepreneurship, and education. The proposed program will promote new venture creation and will use technology commercialization and entrepreneurship as the engine for economic growth. Kuwait’s recognition as a high technology innovation center and a Gulf Region business gateway depends on an investment in human and business capital that will provide the necessary infrastructure and talent to entice investment.
GBI utilizes a disciplined, accountable methodology to deliver measurable objectives. These include:
These objectives will in turn increase opportunities for technology-based businesses to thrive in Kuwait, be competitive in global markets and attract investments. The GBI program is unique because it combines the transfer of expertise related to the growth and development allowing for self-sustainability as well as proactive business development in an international market.
NTEC's Microsoft Innovation Center selected as Network Partner for the Microsoft BizSpark Program in the Region. In the presence of His Excellency Mr Mustafa Al-Shamali, Minister of Finance of Kuwait and Ali Faramawy, Vice-President, Microsoft International, a Memorandum of Understanding (MoU) was signed on June 10, 2010, between Bader Al Saad, Managing Director, Kuwait Investment Authority and Ehab Mostafa, General Manager, Microsoft Kuwait. The BizSpark Program is designed to accelerate the success of early stage startups in the region, by connecting them to Network Partners like the Global Innovation Company, who will provide mentorship, guidance and incubation resources. In addition to helping accelerate the success of early stage start-ups with BizSpark, Global Innovation Company and Microsoft Kuwait will use the Microsoft Unlimited Potential Community Learning Curriculum, to build essential technology skills within the local community to create jobs and advance career opportunities. The foundation will also facilitate an internship program to host young Kuwaitis at Microsoft Kuwait. The objective of this MOU compliments the vision of NTEC which supports and encourages the Kuwaiti youth in the domain of IT enterprises through investing and building a centre for Microsoft. This centre will work on the objective of training and encouraging the future generation of successful entrepreneurs who have a potential in IT. BizSpark is uniquely designed to help startups that are engaged in software development, by: - Providing them with “express access” to Microsoft tools and technologies, for their immediate use in design, development, testing, demonstration and hosted application production and deployment - Connecting them with Network Partners like Global Innovation Company and a global community of support resources - Offering them global visibility on the MicrosoftStartupZone website via the BizSparkDB (database), an online Startup directory, hosted on the MicrosoftStartupZone website www.MicrosoftStartupZone.com/bizspark
NTEC's Microsoft Innovation Center selected as Network Partner for the Microsoft BizSpark Program in the Region. In the presence of His Excellency Mr Mustafa Al-Shamali, Minister of Finance of Kuwait and Ali Faramawy, Vice-President, Microsoft International, a Memorandum of Understanding (MoU) was signed on June 10, 2010, between Bader Al Saad, Managing Director, Kuwait Investment Authority and Ehab Mostafa, General Manager, Microsoft Kuwait.
The BizSpark Program is designed to accelerate the success of early stage startups in the region, by connecting them to Network Partners like the Global Innovation Company, who will provide mentorship, guidance and incubation resources.
In addition to helping accelerate the success of early stage start-ups with BizSpark, Global Innovation Company and Microsoft Kuwait will use the Microsoft Unlimited Potential Community Learning Curriculum, to build essential technology skills within the local community to create jobs and advance career opportunities. The foundation will also facilitate an internship program to host young Kuwaitis at Microsoft Kuwait.
The objective of this MOU compliments the vision of NTEC which supports and encourages the Kuwaiti youth in the domain of IT enterprises through investing and building a centre for Microsoft. This centre will work on the objective of training and encouraging the future generation of successful entrepreneurs who have a potential in IT.
BizSpark is uniquely designed to help startups that are engaged in software development, by:
- Providing them with “express access” to Microsoft tools and technologies, for their immediate use in design, development, testing, demonstration and hosted application production and deployment
- Connecting them with Network Partners like Global Innovation Company and a global community of support resources
- Offering them global visibility on the MicrosoftStartupZone website via the BizSparkDB (database), an online Startup directory, hosted on the MicrosoftStartupZone website www.MicrosoftStartupZone.com/bizspark
NTEC attended Gulf Bridge International GBI "Meeting of Directors" & "Meeting of Members" on May 31st, 2010 in Doha, State of Qatar, as NTEC is an active investor in the company and at the same time represents Kuwait Investment Authority, KIA, investment stake in GBI. GBI's www.gbiinc.com Strategic objective is to become a preferred supplier of advanced wholesale international undersea connectivity products to telecoms operators and other users of international capacity around the Gulf region. In order to achieve this objective, the Company plans to build an advanced undersea fiber optic cable system serving all markets in the Gulf region, providing both intra-regional capacity and international capacity to Europe and to India, and hence to the global Internet and voice telecom networks. Operating only at the transport facility level, the GBI networkTM will not compete with operators or service providers for their clients. Rather, the network will provide a means for operators to serve their clients with higher reliability and lower cost.
Dr. János Hóvári, Extraordinary and Plenipotentiary Ambassador of the Republic of Hungry visited NTEC's offices on May 27th 2010 to discuss the investment in technology opportunities between Kuwait and the Hungry. The meeting was aimed to introduce NTEC's new strategy in general and in particular to explore cooperation venues between NTEC and the Republic of Hungry in the area of technology transfer and technology investments.
NTEC signed an MOU with the Regional Center for Developing Educational Software, ReDSOFT www.redsoft.org, aiming to collaborate in the development of NTEC's initiated project the "Kuwait Educational Portal" KEP. The goal of the KEP project is to establish a portal system that can be used as a focal point to exchange and discuss auxiliary material for school work and as a medium for collaboration and communication. The portal will serve as a tool that help students further comprehend their school material using ICT technology, by the way of utilizing supporting material provided in the portal. The electronic content (e-content) of the portal will be based on the curriculum of the MoE, and will move in parallel to complement it. The portal will also provide other unique and innovative services for the users such as a question databank and teacher online services. ReDSOFT ® is a non-profit regional organization, a leading center in the Arab region that focuses on the development and use of educational software, using multimedia CD’s and the Internet. The center acts as a major bridge to transfer state of-the-art technology to the Arab region, to improve and enhance the educational process in schools through the development and use of Information and Communication Technologies.
NTEC signed an MOU with the Regional Center for Developing Educational Software, ReDSOFT www.redsoft.org, aiming to collaborate in the development of NTEC's initiated project the "Kuwait Educational Portal" KEP. The goal of the KEP project is to establish a portal system that can be used as a focal point to exchange and discuss auxiliary material for school work and as a medium for collaboration and communication. The portal will serve as a tool that help students further comprehend their school material using ICT technology, by the way of utilizing supporting material provided in the portal. The electronic content (e-content) of the portal will be based on the curriculum of the MoE, and will move in parallel to complement it. The portal will also provide other unique and innovative services for the users such as a question databank and teacher online services.
ReDSOFT ® is a non-profit regional organization, a leading center in the Arab region that focuses on the development and use of educational software, using multimedia CD’s and the Internet. The center acts as a major bridge to transfer state of-the-art technology to the Arab region, to improve and enhance the educational process in schools through the development and use of Information and Communication Technologies.
NTEC's Microsoft Innovation Center MIC: www.mickuwait.net.kw hosts the prestigious Kuwait eAward www.kuwaiteaward.org.kw judging event for 3 days, an Award that is set up by the Kuwait Foundation for the Advancement of Science (KFAS) under the patronage of HH the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah allocates incentive sums of money for winners amounting to KD 50,000. The aim of the Award is to enrich the local electronic content. The sponsorship conferred by HH the Amir comes of HH belief in the necessity of pushing forward the technological advancement inside Kuwait to keep up with the times and in order to urge the Kuwaiti youth to further increase the local electronic content and upgrade its level. NTEC is an integral part to the Award via its presence in the eAward Steering Committee.
NTEC and Abu Dhabi Investment House (ADIH) signed a Memorandum of Understanding, (MOU), on April 20th 2010, for broad range collaboration between the two entities in areas of mutual interest. Under the terms of the MOU, the scope of the strategic alliance will include joint collaboration into developing technology investment projects in the region along with providing advice and consultation to each other in areas where each institution has comparative advantage and exchanging information about technology projects and technology investment opportunities locally, regionally and internationally. This strategic collaboration provides an excellent fit for NTEC's new strategy of developing local & regional ties and relationships to support its mission. ADIH www.adih.ae is a UAE investmnet firm located in Abu Dhabi with services ranging from Private Equity, Asset Management and Corporate Finance.
NTEC and Abu Dhabi Investment House (ADIH) signed a Memorandum of Understanding, (MOU), on April 20th 2010, for broad range collaboration between the two entities in areas of mutual interest. Under the terms of the MOU, the scope of the strategic alliance will include joint collaboration into developing technology investment projects in the region along with providing advice and consultation to each other in areas where each institution has comparative advantage and exchanging information about technology projects and technology investment opportunities locally, regionally and internationally. This strategic collaboration provides an excellent fit for NTEC's new strategy of developing local & regional ties and relationships to support its mission.
ADIH www.adih.ae is a UAE investmnet firm located in Abu Dhabi with services ranging from Private Equity, Asset Management and Corporate Finance.
On March 11, 2010, NTEC signed an MOU with Avanzit (Ezentis), a leading Spanish mega projects developer. Avanzit (Ezentis) is a Spanish company with more than 5,000 employees and an average turnover of 400 million euros. It has a broad international presence and more than 60 years of experience in markets such as technology, infrastructure and telecommunications. Ezentis Tecnology is dedicated to consulting projects, planning, design, engineering, implementation, management and maintenance of communication technologies, systems and location services. Ezentis Infraestructure offers its customers a large experience in the fields of civil works, building, installations and maintenance works, transports infrastructure and renewable energies. Leading references contain Public Sector and private companies. Ezentis Telecom, with a turnover of 268 million euros in the past 5 years, we are proud to have taken the ADSL over 500,000 homes in Spain. With over 2,000 km of optical fiber laying per year, we work every day to bring the Internet and new technologies to all Spaniards. Additionaly, Ezentis group has a significant stake in the audiovisual services company Vértice 360º. As the main focus of NTEC's new strategy is developing technology pojects locally and regionally, the Avanzit (Ezentis) MOU will empower NTEC's mission and ensures the success of its new challenging strategy.
On March 11, 2010, NTEC signed an MOU with Avanzit (Ezentis), a leading Spanish mega projects developer. Avanzit (Ezentis) is a Spanish company with more than 5,000 employees and an average turnover of 400 million euros. It has a broad international presence and more than 60 years of experience in markets such as technology, infrastructure and telecommunications. Ezentis Tecnology is dedicated to consulting projects, planning, design, engineering, implementation, management and maintenance of communication technologies, systems and location services. Ezentis Infraestructure offers its customers a large experience in the fields of civil works, building, installations and maintenance works, transports infrastructure and renewable energies. Leading references contain Public Sector and private companies. Ezentis Telecom, with a turnover of 268 million euros in the past 5 years, we are proud to have taken the ADSL over 500,000 homes in Spain. With over 2,000 km of optical fiber laying per year, we work every day to bring the Internet and new technologies to all Spaniards. Additionaly, Ezentis group has a significant stake in the audiovisual services company Vértice 360º.
As the main focus of NTEC's new strategy is developing technology pojects locally and regionally, the Avanzit (Ezentis) MOU will empower NTEC's mission and ensures the success of its new challenging strategy.
NTEC's new strategy, as of March 1st 2010, is now focused on developing local and regional technology projects, leveraging its international technology investments and consulting services based on the company's previous experiences, network, relationships and onboard talents. NTEC's business model is that of a technology projects development company utilizing investment tools such as Private Equity, Venture Capital and Direct Investment with a mission to lead both government and private sectors in the development and application of leading edge technology. NTEC invests in high potential companies that are fully developed or at the forefront of developing new technologies which will be beneficial in the development of not only the State of Kuwait but the region as a whole.
NTEC's new strategy, as of March 1st 2010, is now focused on developing local and regional technology projects, leveraging its international technology investments and consulting services based on the company's previous experiences, network, relationships and onboard talents.
NTEC's business model is that of a technology projects development company utilizing investment tools such as Private Equity, Venture Capital and Direct Investment with a mission to lead both government and private sectors in the development and application of leading edge technology. NTEC invests in high potential companies that are fully developed or at the forefront of developing new technologies which will be beneficial in the development of not only the State of Kuwait but the region as a whole.