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Interactive Limited enters into joint venture in Saudi Arabia

Saudi Arabia: Tuesday, November 12 - 2002 @ 15:15

The joint venture is part of a regional expansion drive led by Dubai Internet City based- Interactive Limited. Interactive is an award-winning web-based solution developer in the Middle East, with expertise in developing applications for government departments and financial institutions and is partially owned by Deutsche Bank and a number of multinational investors.

In Saudi Arabia, Interactive Limited will focus on Saudi Government and government related entities, Saudi financial institutions and Saudi corporations. Interactive Saudi Arabia Limited will web-enable existing systems, provide creative e-government solutions, integrate existing packaged solutions to the web, introduce IT for office reengineering and offer new IT technology.

The new company, capitalized at Saudi Riyals four million (SR 4,000,000) is formed under the Saudi Economic Offset Partnership with the approval of the Saudi Economic Offset Program. DevCorp International is the General Partner of the Saudi Offset Limited Partnership which is funded by Thales International Offset and Raytheon Company as Limited Partners.

Mr. William Barilka, Managing Director, Riyadh Office of DevCorp International says: “We are excited at the prospect of establishing a new IT company in Saudi Arabia which will offer a wide variety of browser based solutions and applications and the latest internet technology to Saudi institutions. We hope the company will significantly increase efficiencies, reduce cost and enable organizations to rapidly move towards “best practices” in their respective businesses.

Ziad Tassabehji, Chief Executive Officer of Interactive Limited adds: “We are very pleased to have been approved as part of the Economic Offset Program, an innovative investment program that will help us enjoy substantial investment incentives. We treat the Offset Program as a strategic advantage at a time when the Saudi Government has identified the development of e-government as an important national goal.”

Commenting on the partners of the new venture, Tassabehji adds: “We have invested a lot of effort in selecting the right partners to enter this market. Our partners have been brought together with a common interest at the highest levels. The common denominator of all the projects in which we are involved is the transfer of useful technology,the establishment of meaningful skills and the employment opportunities for Saudi Arabian Nationals. also tudying available technological solutions for the electronic delivery of government services. di In

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Tuesday, November 12- 2002 @ 15:15 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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