Jordan-based Jabbar Internet Group is likely to consider an initial public offering (IPO) within the next couple of years.
The company was started by Samih Toukan, founder of online Arabic portal Maktoob, which was sold to US-based Yahoo for $175m in November 2009.
“Jabbar was a result of the acquisition of Maktoob. We had certain assets, which were not sold and the company has since grown through acquisitions,” says Toukan.
Jabbar currently has seven e-commerce companies. “We will be as big as Maktoob in one and a half years in terms of revenue and number of employees. We are focusing on growing the business to a good size over the next two to three years and will then look at an IPO or to sell it,” says Toukan.
If the group decides to list the company, it will be the first IT IPO for the Arab world. “We will have to be very solid and hopefully we can do that over the next two years,” says Toukan.
The company is also planning to create a venture capital (VC) fund for Jordan to help start-ups in the technology sector. It is also in the process of launching another company later this year in the e-learning sector.
“We are seeing big growth in e-commerce and will focus on this sector,” says Toukan.