Business
MOU signed for first Pilot in Middle East region
MOU signed for first Pilot in Middle East region.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \n \n RNS Number : 6154V\n Supply @ME Capital PLC \n 10 August 2020\n \n \n \n 10 August 2020\n \n \n \n Supply@Me Capital plc\n (The \"Company\" or \"SYME\")\n MOU signed with leading Middle East Investment Company for first Supply@ME pilot in the region\n Part of planned rollout of Inventory Monetisation platform in the Middle East\n As announced in the Company's Trading Update on 27 July 2020, Supply@ME has initiated a number of feasibility studies to assess roll-out of its Inventory Monetisation service into new territories both within and outside of its home base in Europe. Whilst Europe will remain the focus, with the UK a specific next target, other regions where there is good access to capital and a strong potential demand for Supply@Me's Inventory Monetisation platform are being carefully evaluated. \n Following a joint market assessment that commenced in June, Supply@ME is pleased to announce that it has signed a Memoranum of Understanding (MOU) with Mr. Khaled Abdulla Almass and his investment company, iMass LLC to facilitate the expansion of Supply@ME into the Middle East market.\n The MOU is the first step towards a long-term partnership to deliver the roll-out of SYME's platform in the region, commencing with an inventory monetisation pilot programme involving a number of Abu Dhabi-based manufacturing companies (as client companies) and a number of regional investment funds (as inventory funders), which will include sharia compliant investment structures, by the end of Q1 2021.\n iMass Investments was founded in 2007 to invest directly in leading companies and major development and commercial projects in the EMEA region including into industrial, food supplies and general trading, real state and services sectors. Market analysis carried out by iMass within the UAE region estimates that it has an underserved market for Inventory Monetisation of up to 50bn USD for the principal categories within imported goods, and 28bn USD for the main categories of non-oil goods produced in the UAE. \n Mr Almass, owner of iMass, is a board member of three leading organizations in the MENA region. \n - Vice Chairman the Abu Dhabi National Health Insurance Company (Daman): the prime health insurance company in the United Arab Emirates. \n - Board member at Abu Dhabi Nat...