Riyadh, Saudi Arabia: The Consultation Center Office, a prominent supporter of small and medium-sized enterprises (SMEs), has signed today a Memorandum of Understanding (MoU) with Bidbid Technology, an Omani-based company. The agreement aims to collaborate in identifying investment opportunities and expansion in the Saudi market. This initiative is part of the The Consultation Center's commitment to bolstering the "SMEs" sector in Saudi Arabia. It seeks to enhance innovative services that aim to revolutionize traditional concepts in banking and insurance transactions.

Commenting on the strategic partnership, Fadi Al-Awami, founder of The Consultation Center Office and member of the Saudi-Omani Business Council, highlighted the significance of the partnership with BidBid Technology, stating that BidBid's services are crucial for enhancing the governance of financial services. “BidBid's solutions would address a significant gap in the market, potentially increasing company profitability by an average of 25% when acquired by financial service providers. Additionally, the partnership could reduce the time required to complete financial operations by 67%,” he added.

Hani Habib Macki, founder and CEO of BidBid Technologies, expressed his optimism about entering the Saudi market, stating, “Within a short period of time, our innovative services were utilized in Oman by the largest telecom and insurance companies, as well as the largest private oil services companies. Additionally, many local and international companies now use BidBid. We are excited about entering the Saudi market, known for its enthusiasm in supporting and embracing new and innovative financial technology services, particularly those from the Gulf and Oman. We also have plans to enter the Kuwaiti market with esteemed partners.”

About The Consultation Center

The Consultation Center, established in 2014, has played a pivotal role in supporting entrepreneurial ventures, small and medium enterprises, and financial technology firms. It offers a range of consultations to help clients overcome operational challenges and facilitate the expansion of their activities. Additionally, the center provides consulting services to support regional and international companies looking to establish a presence in Saudi Arabia.

About BidBid Technologies:

BidBid Technologies, a Omani-based company founded in 2020, specializes in offering financial and insurance services to institutions dealing with banks and insurance companies through its digital platform. The platform streamlines the process by sending requests to all service providers simultaneously, prompting transparent competition through direct tender or bidding. This approach allows competitors to view and enhance their offers before the competition concludes. The platform digitally selects the winner according to the organization's requirements and laws, providing transparent reasons for their selection.

The company facilitates the legal process of depositing financial funds in banks and assists in requesting short-term loans, bank guarantees, property insurance, health insurance for employees, and vehicle fleet insurance. The current practice is that clients negotiate service prices via phone, personal calls, or email with full transparency. The winning rate is solely obtained based on the employee’s negotiation skills, and it relies on their knowledge of volatile market matters instead of relying on a transparent system with high governance. This causes losses of 25% on average for companies when obtaining a rate from a bank or an insurance company.