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January 22, 2008 11:52 IST
Cisco Systems Inc plans to invest nearly $1.6 billion in the United Arab Emirates over the next five years.
The networking giant said the investment, which includes the opening new offices in Dubai and Abu Dhabi and sponsored research, will generate 650 new jobs by the end of 2010. Cisco also will spend $400 million in the area through its Cisco Systems Capital Corp, a financing subsidiary.
The Silicon Valley-based company said on Monday that the funding will take place through third-party banking partners and "through the potential establishment of a financial services company in Dubai."
"This investment demonstrates our continued long-term commitment to the UAE. The vision of the country's leadership has allowed it to transition quickly to a 'connected' world.
"We look forward to continued collaboration working closely with the government to help support and realised the nation's ambitious development and growth vision," said Paul Mountford, president, Emerging Markets at Cisco.
The investment will also include an expansion of Cisco's Networking Academies. There are currently 39 Academies up and running in the UAE whose goal is to develop an educated local pool of talent that can build and manage sustained networks in the future.
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