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Saudi-based Athar Al Majd acquires 30 per cent stake in regional knowledge aggregator impaQta

Saudi Arabia: Monday, January 03 - 2005 @ 13:11

Ahmed Al Gamdi, Managing Director of Athar al Majd, said: “In the networked world of today, knowledge has become the primary generator of wealth and the most important tool in the development of societies. A huge premium is accorded for knowledge-based firms, who are specialists in the acquisition, analysis and use of knowledge. impaQta has clearly demonstrated its expertise in knowledge aggregation and integration and its value in enhancing human capital in the region. We attach significant importance to this move of acquiring a substantial stake in impaQta, as we believe impaQta with its global outlook and local expertise will trigger a major change in the region.”

“As the primary fund managers for several private investors in Saudi Arabia, we serve our clients by leveraging our collective expertise and processes in investing in value-based companies. Our decision to invest in impaQta was driven by its dramatic performance and services delivered for its clients. Additionally, impaQta has placed a strong focus on acquiring regional franchisees in the Saudi market, providing yet another reason for investors to invest in the company,” he added.

Announcing the divestment, Rashad Kanbar, Founder and Chief Executive Officer of impaQta, said: “Our strategic share offering to Athar Al Majd is in keeping with our strategy of expanding our presence in the Middle East, North Africa and the Gulf regions over the next 18 months. As Saudi Arabia is one of the key markets for growth for impaQta, we will now be in a stronger position to deliver our services to our clientele in the Kingdom. The rapidly growing UAE, with its vision of development is also a very important market for us to extend our services. This matches the philosophy of impaQta, focused on different segments, individual investors, family businesses and businesswomen. This approach has significantly increased the value of the company over the past six months.”

“Regional investors are keen these days to make their investments in the region. This will boost the entrepreneurial activity and greatly benefit the development of mission critical infrastructure in the region,” said Aiman Said, Managing Director and co-founder of impaQta. “We are focused on providing knowledge aggregation and integration guidance that includes, personal coaching of executives, shadowing services, management consultancy and specialised training programs aimed to make regional executives and business leaders discard management practices of yesteryears and adopt strategies which assure success in a dynamic business environment.”

impaQta’s knowledge aggregation and integration services provide the executive management of organisations with the guidance to challenge and explore their capabilities in making breakthrough shifts in perspective and results. Knowledge aggregation and integration work similar to the principles of systems integration where knowledge definition, acquisition and utilization take centre stage. Through its services, impaQta enables executives and decision makers to realise the hidden potential of their organisations built over years of business activity and market involvement, creating new possibilities for action, change and growth.

impaQta’s service proposition targets discerning investors with liquid assets as well as privately held businesses in the region. Most countries in the region are witnessing a strong economic buoyancy, leading to the creation of highly successful enterprises. The Arab Monetary Fund recently reported that the total market capitalization of GCC listed companies has risen above US$ 377 billion in 2003.

ImpaQta’s another important target segment are women in business, as the number of businesswomen is growing rapidly in the region. Studies done by the United Nations Development Program (UNDP) reveal that women in the Kingdom of Saudi Arabia (KSA) own 40 per cent of the kingdom’s private wealth and provide stewardship for around 16,390 businesses in the country. ImpaQta is one of the first companies to provide tailored advisory services to women entrepreneurs and business leaders in the region.

Around 260 family-run businesses are currently operating in Saudi Arabia. impaQta’s expansion into the kingdom targets the growing number of young executives belonging to these businesses, women entrepreneurs and business leaders and small and medium businesses.

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Monday, January 3- 2005 @ 13:11 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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