Souqalkhaleej.net and Bolero MENA team up

Agreement to provide GCC's business community with an advanced global electronic trading system.

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By  Vijaya George Published  July 31, 2002

E-marketplace Souqalkhaleej.net, endorsed by the Federation of GCC Chambers of Commerce and Industry (FGCCC), has tied up with Bolero Middle East & North Africa to provide member organisations of the FGCCC with unlimited access to the bolero.net system. The company claims that this is currently the only legal, secure, electronic document transfer system designed to automate, simplify and streamline the flow of information associated with global trade.

“This partnership between Souqalkhaleej.net and Bolero MENA will increase the productivity of the chambers of commerce and add tremendous value to the business community,” commented Abdullah Samhan, CEO, Soukalkhaleej.net. “Bolero.net will provide the chambers of commerce with great benefits that include a reduction in their administrative costs and will drastically cut down the waiting time spent by people in the queues at the Chambers’ counters,” he added.

Hussein Rifai, CEO of Bolero MENA explained that the system was simple and inexpensive to implement. Creating and processing cross-jurisdictional documentation would ordinarily be expensive. Offline administration procedures could lead to almost 20 percent increase in costs in some instances. Moreover, current estimates show that some 60 per cent of offline trade documentation suffers from some form of error or discrepancy.

“Employing a central hub to match automatically and reconcile this array of documentation, replacing manual processes, can yield significant gains in the time and costs of administration, as well as reduction in the associated float,” stated Rifai. “Companies that have implemented the system have witnessed a reduction in discrepancies of documentation throughout the trading chain, with improved data integrity, as well as a significant reduction in document processing times and courier costs. In the case of one company, total throughput time for trade documents in the financial supply chain had been reduced from some 20 days to 3-5 days,” he added.

Soukalkhaleej.net currently gives members access to a wide range of online services including a comprehensive central database of 500,000 member companies, a business person database that captures information for the whole region and a products database. A business opportunities service informs companies about auctions, tenders and other offers.

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