On the 21st September, global satellite communication company DiGiFi Korea was successful with securing an investment worth US$170 million (KRW 200 billion) from UAE’s largest venture investment company, MENA Apps.
Founded in 2014, DiGiFi Korea is a global company that developed an antenna for satellite communication that enables worldwide internet access. Their technology is able to create a wi-fi hotspot through their antenna that broadcasts the internet through low earth orbit satellite. The technology does away with the need of radio towers so the initial capital expenditure is one tenth of existing communication companies. Currently, DiGiFi Korea utilises satellites to provide internet and internet phone services worldwide.
MENA App is an ideal partner to DiGiFi Korea to capitalize on their successes in the American continent and expand their communication service markets into Middle East, Africa and Central Asia.
MENA Apps UAE and Middle East largest venture capital company. This investment was made possible through DiGiFi Korea demonstrating their technology at the NAPOA conference held New Jersey (Ocean County, USA) back in April.
During the MOA signing event, Mohammed Dahlan who has political influence in Middle East, Africa and Egypt was present.
Mohammed Dahlan has business interests in the field of IT and broadcast communication in Serbia, UAE, Egypt and Middle East. Currently, he is preparing for an Egyptian broadcast communication company. Among his responsibilities include the Chairman and head of Economic affairs for a fund set-up by Abu Dhabi’s Sheikh Mohammed bin Zayed Al Nahyan.
This investment will allow DiGiFi Korea to enter the communication markets in Middle East, Africa and Central Asia. For MENA Apps, the opportunity for exclusive control of the Middle Eastern market.
The agreement which is under negotiations, will come into full effect in 60 days. The legal representatives will review and submit responses by late September and the full agreement to be in place during October.
Representing DiGiFi Korea is global law firm, Latham & Watkins.
Abdul Abdul Maik Al the Chairman for MENA Apps commented, “We look forward to applying DiGiFi Korea’s leading satellite communication technology to offer the next generation communication service to the Middle East”.