Ajlan & Bros and Linklogis Expand Supply Chain Finance Market in the Middle East
Linklogis, China’s leading supply chain finance technology solution provider, signed a letter of intent on cooperation with Ajlan & Bros Holding Group, a diversified international enterprise based in Saudi Arabia, announcing the establishment of a joint venture in Riyadh to develop local supply chain finance services, promote the digital transformation of the financial industry, and solve the common financing difficulties for SMEs. The joint venture centers around Saudi Arabia with a coverage in Middle East and North Africa.
Saudi Arabia is located at the core node of China’s Belt and Road initiative in the Middle East. According to the official Saudi Press Agency (SPA) , Saudi and Chinese companies signed 34 investment agreements during the visit of President Xi Jinping to the Kingdom. As one of the 34 projects, the joint venture between Ajlan & Bros Holding Group and Linklogis is the first supply chain finance technology solution provider in Saudi Arabia, promoting the further development of trade and investment between China and Saudi Arabia .
Ajlan Mohamed AlAjlan, the deputy group CEO of Ajlan & Bros Holding Group, said, “Digital finance is one of the key areas of business development in our group. We are very delighted to establish a long-term strategic partnership with Linklogis. We believe that it will introduce advanced supply chain finance technology into Saudi Arabia, and promote the development of informatization, digitization and intelligence in the financial field.”
Based on the long-term accumulated business strength and superior resources of Ajlan & Bros Holding Group in Saudi Arabia, Middle East, and North Africa, and with Linklogis’ customized supply chain finance solutions and industry-leading technological infrastructure, the cooperation between the two sides will promote the establishment and development of supply chain financial ecosystem in Saudi Arabia, bring tangible benefits to all parties, and drive the development of real economy. The profound adjustment of the global industrial supply chain and the rapid development of the bilateral trade between China and Saudi Arabia will create a once-in-a-lifetime opportunity for the strategic development of the joint venture.
The “Saudi Vision 2030” put forward in 2016 is a strategic framework aimed at promoting the modernization and sustainable development of Saudi Arabia, and reducing its dependence on oil. Strengthening local digital infrastructure, enhancing talent team building, and realizing a thriving digital economy are one of the key points of “Saudi Vision 2030”. The Saudi government has also introduced a series of supporting policies.
Charles Song, the founder, chairman and CEO of Linklogis, said, “We are committed to redefining and transforming supply chain finance through technology and innovation, and providing innovative supply chain finance technology solutions that are digital, scenario, and data-driven. Our cooperation with Ajlan & Bros Holding Group will help us further expand our international business presence. This is the first time we have set foot in the Middle East, a land of great potential. We are delighted to have the opportunity to gradually establish a local supply chain financial ecosystem, in an effort to promote the digital transformation of local financial services and solve the financing difficulties of local SMEs. With Saudi government’s support for financial technology and digital economy, as well as the strength of our partner, Ajlan & Bros Holding Group, we are confident in the development of local business in the future.”