TII helps six majors form commerce one Kuwait
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.
“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.
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.
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.
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
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.
Abdul Kader Bibi, Marketing Director, C1ME Ltd.
Tel: + 9714 3304033; Fax: + 9714 3304034
E-mail : firstname.lastname@example.org
Barbara Saunders, MCS - Marketing Communications Services
P O Box 20970, Dubai, United Arab Emirates.
Tel: + 9714 3452126
Fax: + 9714 3460926
Email : email@example.com
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.