The Consultation Center Office, a prominent supporter of small and medium-sized enterprises (SMEs), has signed a Memorandum of Understanding (MoU) with Oman-based Bidbid Technology to collaborate in identifying investment opportunities and expansion in the Saudi market.
This initiative is part of The Consultation Center’s commitment to bolstering the SMEs sector in Saudi Arabia. It seeks to enhance innovative services that aim to revolutionize traditional concepts in banking and insurance transactions.
BidBid Technologies specializes in offering financial and insurance services to institutions dealing with banks and insurance companies through its digital platform. The platform streamlines the process by sending requests to all service providers simultaneously, prompting transparent competition through direct tender or bidding.
Commenting on the strategic partnership, Fadi Al-Awami, founder of The Consultation Center Office and member of the Saudi-Omani Business Council, highlighted the significance of the partnership with BidBid Technology, stating that BidBid’s services are crucial for enhancing the governance of financial services.
“BidBid’s solutions would address a significant gap in the market, potentially increasing company profitability by an average of 25 percent when acquired by financial service providers. Additionally, the partnership could reduce the time required to complete financial operations by 67 percent,” Al-Awami noted.
Hani Habib Macki, founder and CEO of BidBid Technologies, expressed his optimism about entering the Saudi market.
“Within a short period of time, our innovative services were utilized in Oman by the largest telecom and insurance companies, as well as the largest private oil services companies. Additionally, many local and international companies now use BidBid. We are excited about entering the Saudi market, known for its enthusiasm for supporting and embracing new and innovative financial technology services, particularly those from the Gulf and Oman. We also have plans to enter the Kuwaiti market with esteemed partners,” Macki further added.
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