Ibtikar Fund

Ibtikar Fund, Arco Announce Investment in Algebra Intelligence

Ibtikar Fund and the Architects Contracting Company are pleased to announce their investment
in Algebra Intelligence, a software development firm focused on the energy sector.

Amman, Jordan – On November 17, 2022, on stage at the MENA ICT Forum, Ibtikar Fund and Architects Contracting Company (Arco) announced their joint investment in Algebra Intelligence, a software development company that has gone to market with TaQTaK, an energy management solution powered by artificial intelligence that includes real-time monitoring, proactive notifications, predictive maintenance, as well as ticketing and reporting.

“Using TaQTaK, Algebra’s clients are able to understand their energy usage and wastage and can look to incorporate renewable energy systems, specifically solar energy, to decrease their electricity consumption and lower costs,” explained Ahmad Altawafsheh, Algebra’s CEO.

TaQTaK’s main features include:

  • Real-time monitoring of energy consumption and generation
  • Asset management dashboard for day-to-day performance tracking
  • Efficient ticketing system for internal and outsourced maintenance activities
  • Detailed and customizable reporting system
  • Financial projections and cash flow summary to support operations
  • Android/iOS and web-based platform
  • Arabic and English language support

On average, Algebra’s clients have witnessed energy savings of 25 percent, decrease in maintenance costs of 25 percent, and increase in their energy generation of 20 percent. And, since their launch in July 2021, Algebra’s projects have led to a reduction of 388 tons of carbon dioxide (CO2) emissions, nearly 900,000 kilowatts (kWh) of energy savings, and nearly a 2,000 megawatts (MWh) increase in solar generation.

“At Ibtikar, we believe that now is the time to invest in a company like Algebra– energy costs are increasing, energy consumption is increasing, the cost of solar energy is decreasing, and governments, including in oil-rich countries, are encouraging the use of renewable energy. TaqTak makes it easy for organizations to take control of their energy consumption and integrate solar and other renewables into their energy mix. We are excited to invest in this green-tech company and support them in their expansion,” explained Ambar Amleh, Managing Partner at Ibtikar Fund.

“While demand for energy continues to grow, making it available comes with a responsibility towards our resources. We will continue to strengthen our role as an innovative and integrated energy partner. We have evolved into the Arco organization we are today with an international presence; adding value in markets we operate in. This is our heritage, our legacy – and our guiding ethos for tomorrow. We are always looking for companies that have a future vision in developing our world to support and this is what we found in Algebra Intelligence” concluded Ashraf Youssef, CEO at ARCO.

Algebra is currently part of the Taqadam Accelerator by the King Abdullah University of Science and Technology (KAUST) in partnership with Saudi British Bank (SABB) and will utilize this funding round to further perfect its artificial intelligence component and expansion into the Saudi market.



For Algebra Intelligence:
Mr. Ahmad Altawafsheh (English and Arabic)
Chief Executive Officer

For Ibtikar Fund:
Mrs. Ambar Amleh (English)
Managing Partner

For Arco:
Engr. Ashraf Youssef (English and Arabic)
Chief Executive Officer