Ethiopia Commodity signs $1.68 mln deal with IT Pak firm

[LahoreEstate]

DUBAI: The Ethiopia Commodity Exchange (ECX) is setting up a country-wide network of real-time Information Displays developed by Pakistani firm Wavetec, to ensure that updated commodity price information is available and easily accessible. The $1.6 million deal is part of a project sponsored and funded by the World Bank with the aim to end exploitation and increase legitimacy of the trading process by making accurate data available at all times.


According to The Economist, Ethiopia is one of the fastest growing economies in the world. A large volume of trading at ECX is agricultural – coffee beans and a variety of seeds – 'and the new state of the art, real-time display solution by Wavetec will ensure transparency and improve information availability to enhance customer confidence in the market, according to Ziauddin Siddiqui, Director Sales Wavetec.



The tender for the project was floated to the international vendor community in February 2009 and due to complex technical requirements only a handful of bidders passed the strict selection criteria set by the World Bank. Interested companies had to prove technical expertise and domain knowledge. With a decade of experience developing information display solutions for financial and commodity markets region-wide, Wavetec was selected as the implementation partner of choice.



Wavetec is a high-tech Pakistani firm based out of Dubai Silicon Oasis and the leading design manufacturer of end-to-end information display solutions. Some of the company's biggest clients include the Karachi Stock Exchange, RBS, Barclays and Mobilink and by adding ECX to its portfolio it has become the chosen technology partner for twelve exchanges in Africa, Middle East and Asia



'The Wavetec platform enables us to respond more quickly to changes in our business environment, ensure efficient service integration, and build on a stable market data delivery platform for future growth,'Ahadu Woubshet, Chief Market Data Officer of ECX said.

http://www.dawn.com/wps/wcm/connect/dawn...firm-ts-03