Cyberjaya, 24 March 2023 - Dagang NeXchange Berhad (“DNeX”) has entered into a jointventure agreement (“JVA”) with Ajlan & Bros Holding Group (“Ajlan & Bros Holding”) to establish a joint-venture company (“JVCo”) in the Kingdom of Saudi Arabia (“KSA”).

The establishment of the JVCo is poised to undertake the business of systems integration in smart cities and large enterprise projects in the Middle East and North Africa (“MENA”) as well as projects within Ajlan & Bros Holding and its subsidiaries.

Under the JVA, Ajlan & Bros Holding will be responsible for jointly bidding on KSA smart city projects with DNeX, as well as its existing large enterprise projects.

Meanwhile, DNeX will be responsible for the design, supply, delivery, installation, testing and commissioning of information and communication technologies (“ICT”) infrastructure and applications. In addition, DNeX will provide subsequent maintenance of the ICT infrastructure and applications while providing service delivery management to oversee its project deliverables.

The exchange of signed documents was held in Jeddah yesterday and witnessed by Yang Amat Berhormat Dato’ Seri Anwar Ibrahim, Prime Minister of Malaysia. Present at the event were Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Executive Chairman of DNeX; Encik Azhar Othman, Group Chief Operating Officer of DNeX; Encik Azlan Zainal Abidin, Group CEO IT & eServices of DNeX; and from Ajlan & Bros Holding, Mr. Abdullah Aljeidan, Deputy CEO of Ajlan Tech.

The JVA is a follow-through from the Collaborative Framework Agreement (“CFA”) between DNeX and Ajlan & Bros Holding signed in August 2022 to form a JVCo in KSA. This joint venture is a complementary combination of DNeX’s technical know-how and Ajlan & Bros Holding’s regional know-how whereby DNeX will be able to export its knowledge and technical capability to the MENA region with the assistance of Ajlan & Bros Holding’s widespread and strong network with the authorities, financial institutions and government linked entities in that region.

According to Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, the JVCo will further cement DNeX’s global presence, leveraging the strong network of influence of Ajlan & Bros Holding to undertake various mega infrastructure projects in KSA and MENA markets.

“We will utilise our in-house digital capabilities to drive KSA’s smart cities projects, riding on our reinforced partnership with Ajlan & Bros Holding. This will also enable DNeX and its Group of companies to deploy home-grown technologies and facilitate KSA’s urban transformation projects, catering to the overarching objectives of Saudi Vision 2030,” he said.

“Through Ajlan & Bros Holding, DNeX Group of Companies is already registered as one of the vendors participating in the NEOM project and we expect to work closely in growing the capability of the JVCo with the full support from both DNeX and Ajlan & Bros Holding,” he added. NEOM is a planned smart city in Tabuk Province in north-western KSA.

DNeX has a proven track record in delivering eServices to the Government of Malaysia including the development of Malaysia’s National Single Window (“NSW”) for Trade Facilitation and serving as its operator since 2009 via subsidiary Dagang Net Technologies Sdn Bhd; the development and maintenance, support services and application improvement of the integrated government financial and management system (“iGFMAS”), and application and software maintenance of Malaysia Hasil Integrated Taxation Systems (“HITS”) provided by Innovation Associates Consulting Sdn Bhd (“IAC”).

Ajlan & Bros Holding Group, headquartered in Riyadh, KSA is one of the largest private sector conglomerates in the Middle East region established in 1979, employing over 15,000 people in more than 25 countries and across 75 companies. In line with the KSA’s Vision 2030, the Ajlan & Bros Holding Group has embarked on a significant investment programme into diverse sectors such as Water, Power, Environment, Healthcare, Food Security, Facility Management, Tourism, Logistics, Blockchain, Industrial Manufacturing, Real Estate, Textiles, Technology, Mining and Minerals, FMCG, Events & Entertainment, Gaming, Financial Services and Fintech. Ajlan & Bros Holding Group has businesses and coverage in more than 20 sectors.

A group photo from the event


Tan Sri Syed Zainal Abidin Syed Mohamed Tahir, Executive Chairman of DNeX exchanging signed documents with Mr. Abdullah Aljeidan, Deputy CEO of Ajlan Tech.

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