Press Releases

16 June 2004

In Accordance with its New Strategy Salam International Signs Contract for Implementation of Oracle Financial Software:

During the recent visit of HE Dr Atif Ubaid, Prime Minister of the Republic of Egypt and HE Dr Ahmed Nadheef, Minister of Communications and Information Technology, Salam International signed a contract with Raya Holdings for the implementation of Oracle Financial Enterprise Resource Planning (ERP) software.

The signing of the contract was carried out by Mr Issa Abdul Salam Abu Issa, Chairman and CEO of Salam International (SIIL), and Mr Medhat Khalil, Chairman of Raya Holdings. During the signing ceremony, Mr Abu Issa announced that the introduction of advanced technology into its operations was a key part of the company’s new corporate strategy. As part of the selection process, the company offered a global tender to all renowned international companies capable of implementing Oracle financial software programs. The finalists, Raya Holdings, were awarded the contract for excelling in competence, past experience and qualifications in this field.

The project is expected to start in the fourth quarter of the current year and should be completed within approximately one year. By project-end, Salam International will have successfully automated its subsidiaries on the financial side in addition to having them properly connected electronically to assist the group of companies in communicating directly with operations and intra-units to ensure a competitive edge in the local and regional markets.

Mr Medhat Khalil thanked Salam International for its trust in Raya Holdings and reviewed the reasons behind the Qatari and regional markets taking greater importance in exploiting opportunities in both the public and private sectors by developing their information technology, systems and infrastructure to tackle the economic challenges in the time to come.

Mr Abu Issa added that Salam International encourages the local, regional and Arab companies in general to be at par with international standards to compete technologically based on adequate technical resources and qualifications. Salam International is certain of the vast Arab capabilities and urges companies to make use of these resources and qualifications to properly exploit opportunities and diminish the challenges that are facing the region in order to be seen as key players in view of increased competition in the Middle East as a result of globalization and free trade.