Raqmiyat eyes US$50 million revenues

Raqmiyat, the US$25million IT division of the Al Ghurair Group has announced plans to expand its IT portfolio across verticals that should see its turnover double within three years.

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By  Maddy Reddy Published  August 14, 2004

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 Al Ghurair group company, which claims annual turnover of US$25million, plans to launch new software products and double its revenues by 2007. “After two decades in the UAE, 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,” says COO Tapas Roy. High on the agenda is the roll-out of Odyssey, a wealth management and private banking software, for which it has recently secured GCC-wide distribution rights. Odyssey is the first third-party product that the vendor plans to market in the region. Raqmiyat is developing its own line of software and is gearing up for new launches all through 2004. “While our core business has been systems integration and distribution, we are rapidly making a name for ourselves as the creators of specialist software. 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,” says Roy. Raqmiyat, the 20-year old IT division of the UAE-based Al Ghurair Group has recently convinced the National Bank of Dubai (NBD) to deploy Odyssey for its integrated private banking business.

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