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 DNEX 4456 DAGANG NEXCHANGE BERHAD to expand footprint in MENA via pact with Saudi firm Abilitii

(From left) Dagang NeXchange Bhd group managing director Tan Sri Syed Zainal Abidin Mohamed Tahir and AnalytX of Ajlan & Bros Holding Group chief executive officer Dr. Tariq Alshawi exchanging MoU documents.

KUALA LUMPUR: Dagang NeXchange Bhd (DNeX) has signed a Memorandum of Understanding (MoU) with Saudi Arabia-based Ajlan & Bros Holding Group (Abilitii) to explore business synergy between both companies.

Under the MoU, both parties will look into business collaboration in such areas as technology, software products and platforms for facilitating trade, oil and gas production and trade, software development, system integration and consultation services.

DNeX said in addition, the two companies would leverage on each other's expertise to explore business opportunities and consider establishing a joint venture (JV) company in Saudi Arabia to achieve agreed-upon collaborative arrangements.

These opportunities may also include investment from Abilitii in specific venture undertaken by DNeX.

DNeX group managing director Tan Sri Syed Zainal Abidin Mohamed Tahir said the partnership allowed the group to expand its footprint in the Middle East and Northern Africa (MENA).

"Together with Abilitii, we will explore the vast opportunities in Saudi Arabia namely efforts in the country's modernisation and digitalisation as part of the Kingdom's Vision 2030 through our services and solutions in technology consulting and system integration as well as trade facilitation.

"We intend to bring best practice from Malaysia and experience that we had accumulate through our decades long experience in the sector and find ways to build, complement and enhanced the service offerings available in the Kingdom with the help of Abilitii," he said in a statement today.

Syed Zainal added that such partnership might also lead to both parties to find opportunities in the semiconductor industry in both Malaysia and Saudi Arabia.

"Our partnership with Abilitii is also a testament to DNeX's core capability and subject matter expertise in technology, energy and information technology spheres," he added.

Abilitii, headquartered in Riyadh, is one of the largest private sector conglomerates in the Middle East, employing over 15,000 people in more than 25 countries and across 75 companies.


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