Misys (FTSE: MSY.L), the global application software and services company, today announced that The Arab Investment Company SAA (TAIC), a pan-Arab joint-stock company, has signed for a major upgrade of its systems to Misys Midas Plus.
Once implemented Midas Plus will provide the company with a solid foundation for anticipated future business expansion and will cover the whole of its core banking systems, enhancing both performance and efficiency.
Reflecting Misys' track record and successful relationship with The Arab Investment Company over the last eight years, the upgrade to Midas Plus is further illustration of the strong partnership between both organisations and high level of customer satisfaction. Operating both in the Kingdoms of Saudi Arabia and Bahrain, Misys Midas Plus will provide all back-office operations with improved flexibility and enhanced efficiencies across all departments of the company.
Owned by 17 Arab states, with an authorised capital of USD 600 million, TAIC's primary objective is to invest Arab funds to develop Arab resources which can support the integration of Arab economies. It does this via equity participation in agricultural, industrial and service projects that meet with stringent economic viability criteria, in addition to providing timely financial services for investors in Arab countries.
Dr Saleh Al-Humaidan, CEO of The Arab Investment Company commented, "Our keenness to be efficient and responsive to the needs of our clients requires that we utilise the best systems available that can guarantee business efficiencies and contribute to the economic prosperity of the region. Our partnership with Misys enables us to to enhance our growth strategies and improve our overall operational efficiency."
Roy Froud, Misys Regional Director for Middle East and Africa, observed, "Unquestionably, The Arab Investment Company is playing an important role in the economic development of the region. Midas Plus will reduce complexity and simplify the bank's IT infrastructure, resulting in cost reduction, better access to information throughout the business and a faster response to industry conditions to better service its customers. The benefits of Misys' solution and our deep knowledge and experience of banking in the Region means that we are perfectly suited to continue to provide the systems that underpin The Arab Investment Company's future growth."