UAE-based software developer aims to double turnover
Raqmiyat, the UAE-based software developer and systems integrator, has launched an expansion across portfolio and sector that should see its turnover double within three years.
The group’s annual turnover is currently pegged at US$25million, according to COO Tapas Roy, but its moves to launch new software products to the region should see these ambitious targets become a reality.
Roy said: “After two decades in the UAE, we have built a reputation as an effective software and service provider. Now, we have put together an aggressive growth-orientated strategy to grow our product portfolio and customer base.
“We intend to develop from being seen as a key player in a niche market – that of finance and banking solutions – into becoming a player in the broader regional software sector.”
Raqmiyat is developing its line of own-brand software, with a number of new launches identified for 2004. “While our core business has been systems integration & distribution, we are rapidly making a name for ourselves as the creators of specialist software,” said Roy.
“We see the niche software market as one that is ripe for development, not least in our core service areas of banking and finance, e-government and the burgeoning SME market.”
High on the agenda is the roll-out of Odyssey, the market-leading wealth management and private banking software, across the GCC. Raqmiyat was awarded the GCC-wide distribution rights for Odyssey, marking the first time that the supplier has moved into the regional market.
“Odyssey is the first third-party product that we have the distribution rights for into the GCC, so we’re keen to use this to drive awareness of our offering in new markets,” explained Roy.
National Bank of Dubai has already signed up Odyssey for its integrated private banking business. Roy explained: “The NBD project is the first of its kind in the region and is seen as an extremely bullish initiative in Arabia’s banking sector.” (menareport.com)
© 2004 Mena Report (www.menareport.com)