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Wed 29 Oct 2008 08:21 AM

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Intel set to unveil first Gulf investment

Venture capital arm of chip maker to hold press conference with Dubai's Sphere Networks.

The venture capital arm of US computer chip maker Intel is set to announce its first investment in the Gulf on Wednesday, UAE daily The National reported.

Although the company Intel Capital plans to invest in has not been named, at a press conference later Intel executives will take the stage alongside the founder and CEO of Dubai-based networking company Sphere Networks, the newspaper said.

Sphere was set up in 2005 in Dubai Silicon Oasis, which also has a 30 percent stake in the company.

Intel Capital has invested around $7.5 billion in technology businesses across the world since it was established in 1991, but during that time has only made on Middle East investment, partnering with Egyptian mobile operator Orascom Telecom.

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