Siraj Capital affiliate invests in Delta United

Delta United Contracting Company, a Saudi-based telecom infrastructure service provider, yesterday said it received a strategic investment from Afkar Development Investment Company, a Siraj Capital affiliate. Founded in 2006 as a Sagia-licensed foreign entity with headquarters in Riyadh, Delta provides infrastructure and maintenance services for major telecom operators and vendors across the kingdom. Aziz Assi, co-founder and CEO of Delta, said in a statement: "Since Delta was formed, we have endeavoured to build a solid platform for our business to grow rapidly and are confident that the partnership with Siraj Capital will allow us to build the premier telecom infrastructure services company in Saudi Arabia and in the GCC. "Not only does Siraj's investment provide us with valuable financial support but they will also add a new level of institutional expertise and support that will surely help fuel our transformation. Indeed, we hope to be consistently ranked well within the top 10 companies in future Saudi Fast Growth 100 Index rankings." Siraj is a merchant investment and finance company operating in the Saudi, GCC and Mena markets with a local presence in private equity, business development and incubation, and Islamic finance capital markets (which is undertaken by a DFSA-licensed entity within the DIFC, Dubai). Siraj Capital is based in Jeddah with an affiliate in Dubai. Ibrahim Mardam-Bey, co-founder and CEO of Siraj Capital, said: "Delta offers Siraj a unique opportunity to invest in a dynamic, successful Saudi entrepreneurial business with the potential for sustained sizeable growth. This investment is typical of Siraj's traditional merchant banking approach, where we strive to invest in companies with Tier A management teams, in growth sectors, and in Saudi Arabia." Keep up with the latest business news from the region with the daily Emirates Business 24|7 newsletter. To subscribe to the newsletter, please click here .