A Memorandum of Understanding ("MoU") has been signed by Dagang NeXchange Berhad ("DNeX") and Ajlan & Bros Holding Group ("Abilitii") of Saudi Arabia to examine potential commercial synergies.
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.
In addition, the two companies will leverage on each other’s expertise to explore business opportunities and consider establishing a joint venture company (“JVCo”) in Saudi Arabia to achieve agreed-upon collaborative arrangements.
Furthermore, these opportunities may also include investment from Abilitii in specific venture undertaken by DNeX.
The MoU was signed by Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Group Managing Director of DNeX, and Ajlan Mohammed Alajlan, Deputy CEO of Ajlan & Bros Holding Group.
According to Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, the partnership allows 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.
“We are honoured to partner with Abilitii, as it enable us to combine DNeX Group’s technical know-how and expertise in the Trade Facilitation, System Integration and Oil and Gas sector with Abilitii’s regional expertise, access to market and funding. Such partnership may 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.
In addition, he said the strategic partnership can help both parties create exceptional value, enhance existing capabilities, offer new employment opportunities and facilitate semi and skilled technology transfer for both countries.
Ajlan & Bros Holding Group, headquartered in Riyadh, Kingdom of Saudi Arabia, is one of the largest private sector conglomerates in the Middle East region established in 1979, employing over 15,000 people in more than 25 countries and across 75 companies.
“With E&E being a key Malaysia’s export, this leap forward in semiconductor technology space for the country is expected to promote and encourage more local players to participate in the local semiconductor supply chain,” he said.
The Saudi Arabia-based diversified Group has investments in several countries across various portfolio such as real estate development, international investments, logistics, infrastructure, ports, energy, mining, healthcare, tourism etc. Ajlan & Bros Holding Group has businesses and coverage in more than 20 sectors.
