IT2 Treasury Solutions Limited announces that MAG Group - the Moafaq Al Gaddah Group of Companies, based in Sharjah, United Arab Emirates - has selected IT2 as its treasury management system.
A series of treasury best practice business objectives underlies the MAG Group's selection of IT2, including the provision of a global cash management solution, the facility to identify superior investment opportunities, and the furnishing of a platform for efficient front and back office and treasury accounting operations.
IT2 will enable MAG Group treasury to enjoy global visibility of cash, so that the team can optimise interest income and expense across the group's operations. Additionally, IT2 will manage guarantees, credit lines and L/Cs, term loans, covenants and conditions. MAG Group's network of remote business units will use IT2 NET to intercommunicate with central treasury in Sharjah with respect to cash forecasts, requests for FX cover, inter-company bank account statements and treasury reporting.
Dr. Fawaz Sabri, MAG Group's Vice Chairman for Strategy & Finance, comments: 'IT2 will ensure that MAG treasury can generate accurate, dependable and timely management reporting on treasury positions, income and financial risk exposures, in addition to treasury future needs forecasting which leads to optimizing the group's fund utilization, all in a secure and robust environment.'
Kevin Grant, Chief Executive Officer of IT2 Treasury Solutions Limited, adds: 'I am very pleased that IT2 has signed the prestigious MAG Group as our first client in Sharjah. Strong client referencing and IT2's high quality commercial reputation in the Gulf region were important factors in securing MAG Group's business.'