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FinancialNews
16-04-23
ProTenders to Expand B2B Construction Tech Platform to Saudi Arabia Amid USD1.1T Booming Industry
(MENAFN) ProTenders, the UAE-based business-to-business (B2B) construction tech platform, plans to expand its services to Saudi Arabia after witnessing the construction industry boom in the country, which is currently valued at $1.1 trillion. As a B2B platform, ProTenders connects the construction supply chain ecosystem, making it more transparent and streamlining bidding processes. The company aims to add significant value to construction stakeholders across the ecosystem in Saudi Arabia, where much of the industry still follows legacy processes.
In an interview with Arab News, Karim Helal, co-founder and CEO of ProTenders, stated that the company plans to enter the Saudi Arabian market this quarter, as the country's Vision 2030 diversification strategy has given rise to numerous major projects across the Kingdom. ProTenders aims to onboard around 9,000 companies on its platform in the next two years from the Kingdom alone, representing 40 percent of construction companies operating in Saudi Arabia.
According to Helal, the construction sector is full of miscommunication and lacks proper data-driven solutions, which cost around $70 billion in losses in the region every year. ProTenders is focused on supporting the development vision of stakeholders in the Kingdom through its technology, driving enhanced operations in the construction sector, and creating cost savings, efficiencies, and transparency.
ProTenders plans to announce its official launch in Saudi Arabia soon, as it is in talks with some of the largest family offices, construction stakeholders, and ecosystem enablers across the Kingdom. The company aims to relocate its headquarters to Saudi Arabia, hiring across every function in Riyadh and every major city in the Kingdom. The company also plans to expand beyond the Kingdom to the rest of the Middle East region in 2024, after cementing its position in Saudi Arabia.
Helal stated that the company will scale up its overall team to over 100 in the next 24 months to support its expansion in Saudi Arabia and across the region. ProTenders aims to drive innovation across the entire construction supply chain ecosystem, addressing the challenges in the industry and creating a transparent and efficient marketplace.
MENAFN16042023000045014228ID1106019374
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