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BankMuscat signs agreement with Omania e-Commerce –Tejari: To move its procurement processes online by year-end
June 18, 2006
BankMuscat SAOG, the nation’s premier bank, has signed an agreement with Tejari – Omania e-Commerce LLC to move its procurement processes online via Tejari Transact, the Middle East’s leading B2B e-market place by year end. Tejari – Omania e-Commerce LLC will also provide training and service support to BankMuscat (SAOG) and its business associates as part of this agreement to facilitate this transition.
This move is expected to considerably help BankMuscat further streamline its procurement processes and also allow it to reach out and be available to potential suppliers and business associates in other parts of the world. Tejari Transact, which was set up in the year 2000 has an established presence across the region and is rapidly growing, with over US$ 2.5 billion of online auctions and trades successfully conducted.
Speaking on the occasion, AbdulRazak Ali Issa, BankMuscat chief executive said:
"World over, technology is revolutionizing the very way businesses operate and e-Marketplaces, like Tejari Transact, are changing the very way organizations connect with quality business associates locally, regionally and globally, process paperwork and conduct their financial dealing. And while, there may still be several stages of evolution that e-marketplaces in the region will have to cross before they become as advanced as e-marketplaces globally, the undeniable fact is - this is the future."
Forrester Research suggests that global trade will expand to US$ 12.8 trillion by 2008, whereas a report published by the Aberdeen Group recently cited reduced prices by 7%, improved compliance by 50%, reduced processing costs by 73% and reduced cycle times by 75% as benefits of e-procurement in the public sector. Further studies by Forrester Research indicate that 56% of companies purchasing more than US$ 100 million in goods reported that the internet was very important or critical to their overall purchasing strategy.
Also speaking on the occasion, Sheikh. Mohammed Al-Harthy, Managing Director of Omania e-Commerce -Tejari Said:
"It is our immense honour to welcome a new member to our online community. BankMuscat is a leading household name in Oman and the region and would definitely add value to Tejari’s online marketplace. At the same time we are very confident that the Bank will reap the benefits sought from the community"
When asked to comment on how he believed this move would benefit BankMuscat and its family of business associates, Mr AbdulRazak added:
"We are sure that we too, as an organization, will benefit greatly from our deciding to move to a e-platform, as much as we are sure it will greatly smoothen and improve the quality of our interaction with our valuable family of business associates, with whom we look forward to increasingly interact online in a real-time environment during the course of the year."
Tejari Transact currently has over 4500 trading partners dealing with each other in the e-marketplace and is supported by cutting edge technology that provides a high-level of data security and integrity. In the Middle East, Tejari Transact is also supported by a 24/7 call centre and specialized personnel ready to provide local support and training. Through Tejari, buyers can find, compare and procure products and services from the familiarity and convenience of their desktop Internet browser. Suppliers can list their products and services and sell them through online catalogues or auctions.
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