Commerce One announced Wednesday, April 19, the establishment of Qatar’s first e-marketplace in cooperation with Qatar Telecom (Q-Tel) and The International Investor (TII).
The e-marketplace is the second such project for in the Middle East for C1ME and is expected to cover all stages of a business transaction between purchasers and suppliers, including order to payment, catalogue management and consultation, order approval processing, delivery and invoicing as well as on-line auctions and tender offers.
“E-commerce is expected to grow worldwide from $270 billion in the year 2000 to $7.3 trillion in 2004… This e-marketplace will introduce to the Qatari business and industrial community, e-procurement, which has proven to be cheaper and faster,” said Hamad Abdullah Al-Attiyah, General Manager of Q-Tel. “This introduction is in line with Q-Tel’s commitment to both share-holders and customers”
"Q-Tel, as a leading investor brings considerable expertise and confidence to the market,“ said Faisal Sulaiti, Partner in Charge of The International Investor - Qatar. Headquartered in Kuwait, TII is a wholesale Islamic Investment Bank, which secured the strategic investors and investment structure of C1QT Limited, and also led the financing for the establishment of C1ME Limited.
C1QT Limited is the second of eight new regional e-marketplaces C1ME Limited intends to invest in. C1KT Limited was established in December 2000, with additional new e-marketplace operators expected to be established in Saudi Arabia, Egypt, Bahrain, the United Arab Emirates, the Levant and the Maghreb. C1QT investors also include Q-Tel, TII and other private Qatari investors. — (Albawaba-MEBG)
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