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TII helps six majors form commerce one Kuwait
International Recognition for Islamic Emerging Markets Fund
London Office to Close as TII Unveils Plans to Consolidate Strength in Middle East Region
Listing in Bahrain Stock Market
The International Investor Opens in Qatar
Commerce One announces aggrement to launch B2B
TII helps six majors form commerce one Kuwait (20 December 2000)
C1ME Limited, Commerce One Distributor Operations, the regional distributor for Commerce One Inc., (NASDAQ:CMRC) in the Middle East, and five technically progressive private Kuwaiti organisations today established C1KT Limited, a Commerce One affiliate, with a mission to launch Kuwait's first global Business-to-Business (B2B) trading vehicle.
The company will now spearhead the launch and operation of an e-marketplace (on-line exchange) for Kuwait.
C1KT Limited investors include: Mr Naser Mohammad Naser Al Sayer; Saud Abdulaziz Abdulmouhsin Al-Rashid and Brothers Company, part of Kuwait's Al-Rashid Group specialising in contracting, industry and services, the Arabesque Systems Company, the Arab Financial Company For The Registration of Intellectual Property and Electronic Trading (AICRIPET); the Gulf Company for Trading Over The Internet (OurGulf.com) and C1ME Limited, Commerce One Distributor Operations.
"We believe C1KT will make e-procurement a reality in Kuwait and bring users all the advantages of e-procurement, including substantial time and cost savings, utilising proven Commerce One technology," said David Brown, Business Development Director of C1ME Limited, Commerce One Distributor Operations.
"All investors will be active users which is key to ensuring the success of the venture and bringing it immediate liquidity. We anticipate the e-marketplace being operative within two or three months with fully localised content."
C1KT Limited is the first of eight new regional e-marketplaces C1ME Ltd., Commerce One Distributor Operations, intends to invest in. The additional new e-marketplace operators are expected to be established in Saudi Arabia, Qatar, Egypt, Bahrain, the United Arab Emirates, the Levant and the Maghreb.
"Interest from investors was particularly strong in Kuwait, which led to this new company being established ahead of others," said Adnan Al Bahar, Chairman and Managing Director, of The International Investor (TII), a premier regional investment bank headquartered in Kuwait and the world's leading wholesale Islamic investment bank, which secured the strategic investors and investment structure of C1KT. TII, which led the financing for the establishment of C1ME Ltd., Commerce One Distributor Operations, is also involved in arranging investment funding for the other new companies throughout the region.
"We went through a comprehensive selection process to identify the best partners for Kuwait and to establish the most effective investment consortium spread across a variety of sectors," added Al Bahar.
"We believe we have achieved this with penetration in the construction, general industry, services, I.T. and finance industries."
The C1KT Limited e-marketplace will be connected to the Commerce One Global Trading Web', the world's largest business-to-business trading community.
"Global Trading Web participation will offer all Kuwait companies, irrespective of size, the full advantages of electronic trading on a global scale," said Brown. "The Kuwait e-marketplace, we believe, will help increase efficiencies for businesses in the country and will make it easier for them to connect to worldwide business partners and move their business commerce onto the Internet."
The Kuwait e-marketplace is expected to cover all stages of a business transaction between purchasers and suppliers, such as order to payment, catalogue management and consultation, order approval processing, delivery and invoicing as well as on-line auctions and tender offers.
"By being able to buy smarter and cut procurement cycle time scales, suppliers have the opportunity to reduce inventories, resulting in increased margins and improved bottom lines," said Brown.
About Commerce One Middle East Distributor Operations Commerce One Middle East is Commerce One's sole distributor and regional MarketSite' portal operator in the Middle East.
Based out of Dubai, United Arab Emirates, Commerce One Middle East covers Algeria, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Morocco, Oman, Qatar, Saudi Arabia, Tunisia, Turkey, United Arab Emirates and Yemen. Commerce One Middle East can be reached by phone at +9714 3304033.
About Commerce One
Commerce One (NASDAQ: CMRC) is the leader in global e-commerce solutions for business. Through its products, portals, and services, Commerce One creates access to worldwide markets, allowing anyone to buy from anyone, anytime, anywhere.
The Global Trading Web is the world's largest B2B trading community. Comprised of many open e-marketplaces, the Global Trading Web provides unprecedented economies of scale for buying organisations, suppliers, and service providers worldwide.
Through its 'Dream Team' alliance with SAPMarkets, Commerce One enables enterprises and communities of all sizes and industries to efficiently conduct collaborative business on the Internet.
Commerce One is located in Pleasanton, California and can be reached by phone at (800) 308-3838 or (925) 520-6000 or in Europe on +44 1753 483000 or via the Internet at http://www.commerceone.com
Forward Looking Statements
Certain statements made in this press release by Commerce One and Commerce One Middle East Distributor Operations, including the expected efficiencies to be gained through the launch of Commerce One Middle East, are not historical facts but are "forward looking statements" and may involve risks and uncertainties which could cause actual future results to differ materially and adversely from those anticipated by such statements.
Among the factors that could affect Commerce One's performance and the performance of the Commerce One Middle East e-commerce portal are: launch operational difficulties, interoperability difficulties between trading communities, difficulties in adapting to markets of different size, scope and geography; general economic conditions; fluctuations in operating results; its ability to effectively manage future growth, to retain and efficiently integrate its executive management team, and to identify, hire, train and retain, in a highly competitive market, individuals highly skilled in the Internet and its rapidly changing technology; significant revenue concentration in a limited number of clients etc. For a discussion of these and other risk factors that could affect Commerce One's business, see 'Risk Factors' in Commerce One's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 1999.
Company Contacts:
Abdul Kader Bibi, Marketing Director, C1ME Ltd.
Tel: + 9714 3304033; Fax: + 9714 3304034
E-mail : Mabed.bibi@commerceone.com
Press Contacts:
Barbara Saunders, MCS - Marketing Communications Services
P O Box 20970, Dubai, United Arab Emirates.
Tel: + 9714 3452126
Fax: + 9714 3460926
Email : mcsdubai@emirates.net.ae
About The International Investor:
Established in Kuwait in 1992 by a group of prominent institutional and private investors, TII was listed on the Bahrain Stock Exchange in 1996 and subsequently on other regional bourses.
TII specialises in providing entrepreneurs, corporates, asset managers and distributors of financial services with the expertise, knowledge and tools to efficiently access the fast-expanding Islamic market.
TII does this by tapping its distinctive competencies, primarily Islamic structuring expertise and extensive knowledge of the Islamic financial marketplace, supported by a growing network of offices, joint ventures and strategic alliances in the MENA region.
The unique range of innovative Islamic financial and investment solutions provided by TII can be grouped under three main areas of business:
Investment banking services comprise:
For more information: On TII:
Peter McCormack, Tel: +965 243 7070.
Email: peter@tii.com
Or visit TII online at: www.tii.com
International Recognition for Islamic Emerging Markets Fund
The Ibn Majid Markets Fund took top honors in a special award ceremony at this year's Annual EMA Conference held during September in Geneva.
The award, which recognized Ibn Majid as one of the top three funds in the emerging markets equity category, was received by The International Investor who act as Islamic advisor to the fund's asset managers UBS Brinson. Ibn Majid was the only Islamic fund to win an award at this year's ceremony, co-sponsored by the Swiss fund magazine BANCO and Micropal, Standard & Poor's fund monitoring division.
To determine the winners, Micropal scanned its database of 1,704 eligible funds for those with the best 3-year performance and lowest volatility relative to their appropriate benchmark. These funds were then divided into individual categories: emerging country equity, emerging market bond, and emerging market equity funds.
Ibn Majid Emerging Markets is an Islamic fund that ony invests in stocks that meet the guidelines of Islamic Sharia (Islamic law). The fund cannot invest in stocks whose core activities are in or related to banking, insurance, alcohol, tobacco, gambling, pork or activities deemed to Islam.
The International Investor (TII) is regarded as the premier wholesale Islamic investment bank in the world and the leading international provider of Islamic asset management advisory services. (www.tii.com)
Micropal manages a database of over 55,000 funds worldwide and is recognized as the leading source for fund information. ( www.micropal.com)
London Office to Close as TII Unveils Plans to Consolidate Strength in Middle East Region .
The International Investor, the world's leading wholesale Islamic investment bank, announces today (04 September) the closure of its London office as part of a strategic reassessment aimed at consolidating the firm's physical presence in the MENA region.
The move, to take effect on 15 September, will see operational duties transferred from TII's office in Mount Street, London, to the firm's headquarters in Kuwait. Under the strategic reassessment TII will also open new regional offices in Saudi Arabia, the United Arab Emirates and in Egypt.
The International Investor, which has established a world-class reputation as the leading global centre of knowledge into the Islamic financial marketplace, is committed to maintaining a first-class quality of service to both partners and clients in Europe and the US.
The firm has invested heavily in new web-based communications technology at its Kuwait headquarters to ensure clients are unaffected by the transfer of duties from London. By concentrating its Islamic advisory function in Kuwait, TII will provide a 'virtual' global service to clients across the world, supplemented by regular personal visits.
Anil Welinkar of TII London said: "The nature of TII's business is changing fast and increasingly our role is to act as a bridge into the Islamic capital markets. It is for this reason that following an internal analysis, TII plans to consolidate its leadership position in the MENA region by opening new offices in Saudi Arabia, the UAE and ultimately in Egypt."
Tariq al-Rifai added: "These are very exciting times for TII but our priority now has to be to our clients and partners. These relationships are hugely important and this is why we have gone to great lengths not only to speak personally to our clients but to ensure the quality of service they have come to expect from TII is unaffected during the hand-over period."
"TII has recently completed a major IT improvement programme at our Kuwait head office which will allow us to offer a virtual global service to our European and American partners and clients. This includes a new web based channel displaying Islamic index information and the latest Net Asset Values of all funds on which TII advises."
TII currently employs five staff at its London office, which opened in 1993. As part of the transfer, two staff have taken redundancy, with the remaining three relocating to Kuwait.
Information about TII, regular updates about the firm's activities and information for partners and clients relating to the closure can be found on the Internet via www.tii.com.
Listing in Bahrain Stock Market. .
His Excellency Sheikh Ahmed Bin Mohamed Al-Khalifa, Director of Bahrain Stock Exchange ("BSE") and Mr. Adnan Al Bahar, Chairman and Managing Director of The International Investor ("TII"), have signed the listing agreement of "TII"'s shares in Bahrain Stock Market.
Mr. Al Bahar added, that TII listing its shares in BSE comes as a step forward towards listing of TII shares in all other possible Gulf stock markets, which in return will expand TII shareholding base and develop its value.
Mr. Al Bahar explained that this parallel listing, of TII shares in Bahrain market, will support the existing listing taking place in Kuwait stock market. It will strengthen the shares value where Gulf investors will be able to buy and sell these shares through two separate markets using both the Kuwaiti and Bahraini Dinar.
Further Mr. Al Bahar added, that this expansion comes as part of TII's overall regional expansion as it serves the company's future plans towards the intensive use of electronic listing and exchange of stock shares through the internet to remove and penetrate all existing obstacles between Gulf and Arab stock markets.
The International Investor Opens in Qatar .
Under the patronage of His Excellency Mr. Abdulla Bin Khalid Al Attiyah, Governor of Qatar Central Bank, The International Investor - Qatar will inaugurate today, Tuesday 29th February, the opening of TII Qatar, with a paid capital of QR 20 million.
On this occasion, Mr. Adnan Al Bahar, Managing Director of TII Qatar, pointed out that the selection of Qatar for the opening of TII new company was based on the promising future which awaits Qatar. Whereby, all indicators are forseeing a vital economic growth which will place Qatar among the major players in the GCC and the Middle East.
Accordingly, Mr. Al Bahar stated that this requires the presence of more specialized investment companies for financing and managing funds according to Islamic Sharia.
Mr. Faisal Al Sulaiti, partner in-charge of TII Qatar, confirmed that Qatar is one of the important investment markets in the region and this development is part of the company's strategy to expand its geographical base and strengthen its status as a leading regional investment bank. TII Qatar will provide specialist Islamic structured finance services and advice to corporations, family business, financial institutions and entrepreneur.
Commerce One announces agreement .
The Global Trading Web expands to the Middle East as Commerce One launches Commerce One Middle East Distributor Operations with a group of major investors
London. February 22, 2000 - At the eLink 2000 conference here today, Commerce One Inc. (NASDAQ: CMRC), the leading provider of global business-to-business e-commerce solutions, announced a strategic distributor partnership with a group of leading Middle Eastern investors, to form Commerce One Middle East Distributor Operations. The agreement will see Commerce One Middle East operate the first business-to-business e-commerce portal in the Middle East. The portal will provide fourteen countries in the region with the most effective electronic procurement solution available today.
In a multi-million dollar agreement with Commerce One and prominent investors led by The International Investor, a leading investment bank in the Middle East acting as financial partner and advisor to the investors, Commerce One Middle East will establish Commerce portal operations in this region and be a distributor of the Commerce One Buysite electronic procurement applications.
Commerce One Middle East will cover a number of countries in the Middle East under the distribution agreement including United Arab Emirates, Qatar, Oman, Bahrain, Kuwait, Saudi Arabia, Egypt, Jordan, Lebanon, Yemen, Algeria, Morocco, Tunisia and Turkey.
The agreement has the personal support of leading government officials in the Middle East is a further step in Commerce One's strategic expansion into the international marketplace and the growth of the Global Trading Web. Commerce One Middle East will become Commerce One's sole distributor in the Middle East.
Mark Hoffman, president and CEO of Commerce One said, "The launch of Commerce One Middle East is a very important opportunity for us to develop e-commerce throughout the Middle Eastern marketplace. There are large efficiencies to be gained by everyone and we are delighted to be extending the Global Trading Web to the Middle East."
Terry Brown, General Manager of Commerce One Middle East, commented, "Commerce One are leaders in their filed and we are delighted to be working with them to launch Commerce One Middle East. This is a very important agreement for this region as it will see the first portal of its kind launched in this area. Once the portal is up and running we look forward to expanding to further countries in the Middle East."
Knowledge View, provider of award winning solutions for Arabic support, content aggregation and trading for the Middle Eastern marketplace, will also be a stakeholder in Commerce One Middle East. Dr. Ali Al Assam, CEO of Knowledge View said, "Knowledge View's expertise will allow rapid localization of the Commerce One solution for the Middle East and provide a wealth of local content."
