The city of Dubai is the backdrop against which commodity trade and risk management (CTRM) vendor Aspect won four landmark new contracts in 2016 for its market information portal and trade and risk management cloud solution – deals which on their own exceeded the company’s multi-million dollar sales target for the entire Middle East.
In part the wins highlight how enlightened UAE government policy is continuing to boost Dubai as an entrepreneurial hot house in which new sectors such as trading can flourish. They also highlight how the global shift to the cloud-based CTRM delivery model pioneered by Aspect is continuing to accelerate, with legacy vendors increasingly failing to win license renewals, and losing out to the cloud on new contracts.
Aspect’s wins in Dubai featured two trading houses moving away from existing legacy software suppliers and two newer trading operations adopting CTRM for the first time. All four Aspect solutions are fully operational, the latest of them proposed, awarded, and delivered in just eight weeks to meet a go-live deadline before the start of Ramadan.
“These contracts further prove that AspectCTRM is the best fit with the needs of today’s trading houses, but they also highlight how Dubai is growing in importance as a center of oil trading activity,” said Aspect CEO Steve Hughes. “We are responding by building a dedicated local team of pre and post-sales experts to ensure that we can react even more quickly as Dubai continues its remarkable growth story.”
Aspect’s four new customer wins in Dubai – Ferrocadia, Gulf Petrochem, Qaiwan Group, and MENA Energy – head a pipeline of further deals expected to close in the coming quarters.
Of the recent four, MENA Energy, is a fully integrated business with its own refining, storage, shipping and financing operations. After a competitive evaluation MENA Energy decided that AspectDSC and CTRM provided the superior combination of functionality and cost, better able to support its goal of growth through working smarter and more productively.
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