KUALA LUMPUR (June 27): Dagang NeXchange Bhd (DNeX) on Monday (June 27) signed a memorandum of understanding with Saudi Arabia-based Ajlan & Bros Holding Group (Abilitii) to explore business synergy between the two companies.

DNeX said the companies will look into business collaboration in technology, software products and platforms for facilitating trade, oil and gas production and trade, software development, system integration and consultation services.

They will leverage each other’s expertise to explore business opportunities and consider establishing a joint venture company in Saudi Arabia to achieve collaborative arrangements, besides including investment from Abilitii in specific ventures undertaken by DNeX.

DNeX group managing director Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said in a statement that the partnership allows the group to expand its footprint in the Middle East and Northern Africa (MENA) area.

“Together with Abilitii, we will explore the vast opportunities in Saudi Arabia, namely efforts in the country’s modernisation and digitalisation as part of the kingdom’s Vision 2030 through our services and solutions in technology consulting and system integration as well as trade facilitation.

“We intend to bring best practice from Malaysia and experience that we had accumulated through our decades long experience in the sector and find ways to build, complement and enhance the service offerings available in the kingdom with the help of Abilitii,” he said.

He added that the partnership may also lead to both parties to find opportunities in the semiconductor industry in both Malaysia and Saudi Arabia.

DNeX’s share price finished 3.92% or three sen higher at 79.5 sen, bringing a market capitalisation of RM2.51 billion.