Last week, Luxcore announced that it would seek to build a strong network of global business partnerships in the Middle East and North Africa (MENA) region over the coming months.
We are delighted to confirm that this process has already got off to a successful start. Luxcore has today signed a Memorandum of Understanding (MOU) with TEQNOBLOC, a renowned technology and digital transformation consulting firm, in order to jointly develop blockchain products and undertake consultation and services projects in the MENA region.
Teqnobloc is a Bahrain based Digital Transformation consulting and Technology services firm providing bespoke solutions to enterprises and governments in the MENA region. Their experience in providing Smart Solutions involving emerging technologies like Artificial Intelligence, IoT, Data Analytics, Robotic Process Automation and of course blockchain technology and their portfolio of upcoming projects will be invaluable to Luxcore as we expand our business into this new region.
As outlined in our Medium post last week the MENA region is beginning to
Luxcore set its sights on MENA for expansion of global business partnerships in the coming months.
Blockchain is increasingly becoming a budgeting priority for many countries around the world. Although North America…
make a significant impact on the blockchain space, and Luxcore intends to stay ahead of the curve. “Middle East and North Africa (MENA) IT spending is projected to reach $160 billion in 2019, a 1.8 percent increase from 2018,” according to the latest forecast by Gartner, Inc. MENA is also increasing its budget for blockchain spending and not surprisingly almost doubling it every year until 2021.
Looking further ahead (and including all of the African continent), the International Data Corporation (IDC) forecasts: “blockchain spending in MEA to reach $307 million in 2021, which represents a compound annual growth rate (CAGR) of 77.4% for the 2016–2021 period.” IDC goes on to indicate that the most popular blockchain use cases in 2021 will be cross-border payments and settlements, assets/goods management and identity management. These three areas alone will account for a third of MEA’s overall blockchain expenditures in 2021.
Exciting times ahead
Q2 has begun with a flurry of exciting Luxcore launches, including the stunning POS mobile wallet, integration with ivendPay and the addition of token monitoring to the Luxcore blockchain explorer. The partnership with TEQNOBLOC marks both the continuation of this progress and the start of Luxcore’s expansion into the MENA region.
Luxcore COO Guillaume Huot commented: “We are delighted to have secured a mutually beneficial strategic partnership with TEQNOBLOC. We feel their in-depth knowledge of the MENA market and experience in delivering emerging technologies dovetails perfectly with Luxcore’s plans to secure a market leading position in the region, with our enterprise-ready services and solutions. Respected market analysts suggest MENA will make a significant investment in blockchain technology over the coming years, and Luxcore fully intends to be at the forefront of that revolution”.
Hamad Sayed, CEO/Founder at TEQNOBLOC commented:
“TEQNOBLOC’s Emerging Technology and Digital Transformation business unit is going through a phase of exponential growth especially in Bahrain, UAE, Saudi Arabia and other parts of the MENA region. We have been on the lookout for a strategic solution partner to develop and further enhance our business capabilities and service offerings in the field of blockchain technology.
Luxcore is a perfect fit for our ambitions in MENA as we continue to build our Emerging Technologies Centre of Excellence (CoE) in Bahrain. Our experience in the region combined with Luxcore’s technical expertise in building blockchain solutions ground up and blockchain-fintech products, we are confident that this partnership will solidify our stance as a premier solution provider in this region.”
You can find out more about our new partners, TEQNOBLOC here www.teqnobloc.com
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- The Luxcore Team