We are announcing our investment in Mjalati.com, on the 22nd of November 2011. We invested in Mjalati as an initiative to participate in the digital media world and join the force to increase the sources of high quality Arabic content on the web.
Mjalati is an Arabic digital publisher company dedicated to create multiple online magazine-networks for women, lifestyle, and business.
The new company is a spin-off of an internal start-up that was initiated as an idea by Haitham Massoud, currently CEO of Mjalati, who is passionate about creating Arabic content, and sees the opportunity in a booming market where high quality content is scarce.
Announcing this significant development, our CEO, Eng. Rashid AlBallaa, said that investing in Mjalati.com is fully in line with the Group’s entrepreneurial culture that encourages our own employees to start their own ventures if they are up to the challenge.
“The online magazine industry is booming in Arabia, and it is important to encourage ventures in this domain to offer more value content to online communities in the Arab World. Our investment in Mjalati.com will speed up the portal’s growth and expand its presence in all Arabic countries. We believe in the potential of Mjalati, which has already proven strong demand within its scale of target audience." AlBallaa added.
Haitham Massoud, Mjalati's CEO, commented about this investment saying: “We are happy to receive our early investment from N2V, Mjalati has a bright future ahead, and we are excited to execute on our upcoming plans with the support and faith of N2V.
Ahmad Takatkah, early stage Investment Director at N2V, commented: “Haitham was hired to work on e-commerce based on his previous experience, but his passion was leading him towards content, and because we believe in him, we encouraged him to work on his idea, we helped in recruiting the best talents in this domain, and we incubated the company for few months until they created a proof of concept. And now, we believe its time to spin it off!"