Rubicon's growth strategy includes increasing e-learning and training among governments and students in the Middle East


November 1, 2003

Injazat Technology Fund, the premier venture capital firm in the MENA region has recently announced that it invested in Rubicon, a leading animation and multimedia software-development firm in the Middle East. According to Hussein Rifai, Chief Executive Officer, Injazat Technology Fund, this move will boost Rubicon’s expansion plans in the fields of animation and design within and ultimately beyond the Middle East region.

The Jordan based Rubicon is one of the foremost 2D and 3D animation studios in the region, working with international movie studios such as FatRock, in addition to its growing relationship with regional networks such as the Arab Radio & Television (ART) and Cartoon Channel. The company is also active in the fields of e-training and e-education, database-driven websites, enterprise solutions, corporate profiling, web-topped internal policies and procedures, orientation presentations and web marketing. Rubicon’s Chief Executive, Randa Ayoubi recently won the Arabian Business Magazine (ITP) eEntrepeneur 2003 award, held during Gitex Dubai 2003.

“Rubicon has emerged as one of the most promising companies in the entertainment and multi-media sector in the Middle East, making it a prime candidate for funding”, stated Rifai. Our guidelines for selecting a company for funding are very clear; only established companies in the MENA region that operate under Islamic (Shari’a) principles are considered. Injazat has chosen to partner with Rubicon as the company has capitalised on local talent and manpower to emerge as a leader in the large, but highly exclusive international entertainment market, bringing in valued foreign expertise to the region. Rubicon’s high quality theatrical animation and superior information presentation and delivery is provided by a very limited number of studios worldwide”.

“Moreover, Rubicon’s pioneering work in the field of e-learning for schools and government organisations is in line with our commitment to blend profitable investments with social responsibility and commitment to regional development. As an active investor, we intend to work closely with Rubicon by providing strategic inputs as well as developing a timely and appropriate exit route to realize capital appreciation for our shareholders”, added Rifai.

Under its initiative to develop e-education in the Middle East, Rubicon offers reusable courses utilized by educational institutions and corporate companies, as well as custom made courses developed for governments and the public sector such as traffic instruction courses for law enforcement agencies. Rubicon’s library of proprietary e-training products includes more than 600 hours of conventional classroom training, and is being used in over 40 banks and institutions all over the world.

“Rubicon is honoured to be selected by Injazat as this is a unique opportunity for us to consolidate our gains by exploring new market opportunities for progress and development. We are confident that this partnership will provide us the financial access to take our expansion plans forward, as well as provide the strategic inputs and corporate governance needed to take Rubicon to the next level of growth”, said Randa Ayoubi, Chief Executive, Rubicon.

-Ends-

About Injazat Technology Fund Editors Note:
Injazat Technology Fund is a US$ 50 million Venture Capital Fund operating in compliance with Shari’a principles and targeting technology companies within the MENA region under the motto, ‘From the region, For the region’. The Fund was initiated by the Islamic Corporation for the Development of the Private Sector (ICD) and affiliate of the Islamic Development Bank (IDB) and Gulf Finance House (GFH), in partnership with Dubai Islamic Bank, Saudi Economic and Development Company (SEDCO) and Iran Foreign Investment Corporation (IFIC).

For further information, please contact:
Orient Planet PR & Marketing Communications
PO Box 23345,
Dubai,
UAE
Tel : +971 4 3988901,
Fax : +971 4 3988941
Email: info@orientplanet.com

© Press Release 2003