Kuwait’s Munshaat Real Estate Projects Company uses Oracle E-Business Suite Special Edition
Posted: 25 July 2004
Oracle business partner ACC Holdings completed the project on time and on budget
Oracle Corporation, the world’s largest enterprise software company, announced recently that the Kuwait-based Munshaat Real Estate Projects Company has selected Oracle E-Business Suite Special Edition as the core software foundation for its business.
Oracle E-Business Suite Special Edition is a preinstalled, preconfigured Oracle applications solution-including Financials, Order Management, Purchasing, and Inventory-all integrated to deliver a higher level of business control and specifically developed to meet the diverse needs of midsize companies.
Munshaat Real Estate Projects Co. is a closed sharing company based in Kuwait with a paid up capital of 15 million Kuwaiti Dinar. The company mainly involved in real estate investment opportunities, development and manages funds in both the local and international markets.
Munshaat is also the owner of the largest real estate projects in the Holy City of Makkah-Kingdom of Saudi Arabia ( Zamzam Towers), a 390 million US dollars investment project and due to the special nature of this project Munshaat has developed a new investment product and named it Sokouk Al-Intifa’a. This product is offered to the public entitling each Sokouk holder the right to accommodation in residential buildings that Munshaat intends to acquire. Such accommodation is valid for a specific period of time per year over many future years. The product is available to the public against immediate payment or through a consumer financing facility.
Mr. Khalid Y.Al-Mutawa, Munshaat’s Asst.Vice President-Operations said, “Munshaat manages real estate investment funds amounting to more than 390 million US dollars. We needed an EPR system that could help us control all the financial aspects of our business in an accurate and sophisticated manner.”
“After evaluating several potential enterprise resource planning (ERP) solutions, Munshaat chose the Oracle E-Business Suite Special Edition, Oracle’s suite of business management software for small to midsize organisations. The Oracle solution was chosen because it offered the crucial combination of robust business software coupled with a rapid implementation cycle. Oracle has always been known for its stable and reliable systems, “ said Al-Mutawa. “ The Oracle E-Business Suite Special Edition offered the added benefits of being quick to implement and requiring little IT support. It also offered us the sophisticated financial accounting functionality Munshaat needed to manage its business successfully. We also found the price to be very favourable.” added Al-Mutawa.
A team from Kuwait-based Oracle business partner ACC Holding together with Al-Mutawa, who managed the project, conducted the implementation of the software.
ACC also provided training on the administration and management of the system.
Mr.Al-Mutawa commented on Oracle solutions and services “ Oracle E-Business Suite has been much appreciated by Munshaat’s management for its operational and reporting capabilities. The system has given Munshaat better control over its business and a clear financial view on which to base important decision. The service we received from ACC was excellent”.
“The real estate segment deals with major challenges in terms of raising financing, managing large investments and very complex projects “ said Hussam Dajani, Oracle’s Vice President for the Middle East and Africa region. “Oracle has made a very conscious effort to provide solutions for that sector with our local solution partners, we are delighted customers can see the value of our work” added Dajani.
The selection of Oracle E-Business Suite by Munshaat comes on the heels of similar decisions by Emaar properties, the Palm, Seef Properties, Damac Properties, and several other leading real estate companies in the Middle East.
About Oracle Corporation
Oracle Corporation is the world’s largest enterprise software company. For more information about Oracle in the Middle East, please visit our web site at www.oracle.com/me or contact us on +971.4 390.9000
About Munshaat
Munshaat is a Kuwait-based dedicated Islamic real estate finance and investment company, founded in 2003 with investment funds amounting to more than 390 million US dollars.
For more information about Munshaat Real Estate Projects Co. visit: www.munshaat.com (Arabic site) more information about Zamzam Tower visit: www.zamzamtower.com (English site)
Posted by Richard Price,
Editor Pipeline Magazine
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