Souqalkhaleej.net, the first common e-marketplace endorsed by the Federation of the Gulf Cooperation Council Chambers of Commerce and Industry (FGCCC), has announced its strategic alliance with Bolero Middle East & North Africa.
The partnership will provide member organizations of the FGCCC with unlimited access to the bolero.net system, which is the only legal, secure, electronic document transfer system designed to automate, simplify and streamline the information flow associated with global trade.
Bolero.net will provide the chambers of commerce with 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. It is estimated that bolero.net’s international network of banks and insurance companies will enable the Chambers to provide a better service to the businesses in the region.
The individual will also greatly benefit as it will minimize the hidden costs linked to daily business procedures, track and record all documents sent via bolero.net for 30 years and ensures that it will reach its intended destination. It will also play a vital role in eliminating the problem of lost mail due to bad delivery or wrong address.
With a widespread membership of 30 chambers of commerce from across the region, covering more than 500,000 companies, the FGCCC has the necessary reach and scope to implement bolero.net. Creating and processing cross-jurisdictional documentation can be alarmingly expensive. In the case of the bill of lading for example, what starts out as a trivial cost ends up accounting for nearly 20 per cent of the total administration costs for a given transaction.
Soukalkhaleej.net provides shared resources that allow members access to a wide range of services. The four main ones consist of a comprehensive central database for the six countries made up of a 500,000-company database, a businessperson database that will capture information for the whole region and a products database. The Business Opportunities service will inform companies about auctions, tenders and other offers.
Bolero MENA, a joint venture between Eastern Networks, Bolero International and Al Mal Group of Kuwait, was launched in 2002 to boost electronic trade in 21 countries in the region, by offering the highly respected bolero.net System from Bolero International, the global company that provides a secure electronic document transfer for global trade.
Bolero MENA is based at Dubai Internet City with four regional offices in Cairo, Riyadh, Amman and Istanbul. Bolero International was set up in 1998 to provide a secure, electronic document transfer system to automate, simplify and streamline the information flow associated with global trade. Over the past two years, over 500 companies and industry organizations around the world have worked together to review the functional and legal capabilities of the Bolero service. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
