MEFX announces strategic partnership with DOZ

The strategic partnership will highlight the opportunities and benefits of outsourcing to banks and financial institutions in the region. The partnership reflects the growing trend of outsourcing operations and services by organisations worldwide, particularly in the professional services, finance and technology industries.

Market consolidation, increased competition and the need for greater cost efficiency has led to a heavy demand from both local and international companies to explore the benefits of outsourcing in an effort to reduce operational costs and increase customer satisfaction. This demand is in line with global trends identified by a leading analyst house, which estimates that 11 per cent of the total services sector in the US and Europe will be outsourced by 2010 of which the financial services sector is a very important part. Further research in the UK suggests that the financial sector is planning to increase outsourcing of processing at a rate of 34 per cent a year over the next four years.

According to a global market research firm spending in information systems outsourcing which started with a small base in the UAE has increased nearly 7.5 times recently. The firm predicts outsourcing spending, which amounted to around 15 per cent of the total information technology services market, will reach approximately 23 per cent of the spending by 2010.

Ms Trixee Loh, Senior Vice President, Exhibitions and Events Management, DWTC, said:

"With MEFX we have created a platform where leaders in the banking and finance industries can share information, identify best practice and discover new opportunities. This is an area of prime focus for MEFX, to provide regional answers and solutions for global issues and challanges. MEFX recognises that outsourcing is no longer an option for corporations, it has in-fact become a necessity to maintain relevance in today's competitive economy and the strategic partnership with DOZ will will focus on the range of available opportunities outsourcing offers to the industries in the UAE and the region as a whole."

Many leading market leaders such as Mashreq Bank, ABN AMRO, Arab Bank and AXA Insurance have already set-up operations at DOZ. These multinationals have fast identified the global trend of outsourcing and the advantages that come with it.

Mr. Hesham Amiri, Director Sales, Dubai Outsource Zone, said: "Financial institutions are continuing to increasingly outsource their non-core services as a way to achieve not only strategic goals, but also improve customer satisfaction. This enables a company to focus resources on more critical core business functions such as new product development and market expansion, while leaving operational details to outside experts."

He added: "DOZ offers a combination of cost-effective options, world-class infrastructure, political stability, a very pro-business environment and quality talent, which make it an ideal outsourcing destination for banking and financial firms across the region. Being a key industry event, MEFX will provide the ideal forum for us to meet decision makers and top level executives from these institutions."

MEFX will bring together the senior executives and decision makers from leading companies in the financial services industry and serve as the perfect platform for DOZ to share the opportunities of outsourcing.

MEFX is a trade only event focusing on banking products, financial technology and professional services for the financial services industry. MEFX will be held at the Dubai International Convention and Exhibition Centre from 1-3 June 2008. The MEFX Summit will be held from the 1-2 June 2008.