“AFKAR Ventures and NOVEN announce a MENA partnership agreement to Manufacture and Deploy Oil Production IoT Technologies”
Dubai/Houston – 10th Nov 2020. Noven IoT-based systems, developer of an Edge analytics based oil production monitoring system that optimizes energy usage, reduces the complexities associated with labor and assets management; and AFKAR Ventures, an energy tech enterprise that supports international companies expanding rapidly into the MENA regional market and seeding innovative startups to accelerate their market adoption; announced the signing of an MOU to create a partnership dedicated to offering Noven Systems initially in the GCC, and thereafter expanding through the MENA region.
The partnership will introduce NOVEN IoT systems that bring the back-office expertise to the production site using edge analytics, continuous improvement, AI, and monitoring & control to increase production efficiency. The partnership will locally manufacture, promote, and operate Noven IoT Systems, with the objective to further customize the technology and maximize its adoption by customers. The partners are positioned for long term success, with its local facilities creating in country value to increase the efficiency of the regional operators.
Mario Ruscev, CEO Of Noven said: “With its unique and proprietary sensors and AI/ML algorithms, our system is intended to democratize the widespread exploitation of IoT technology in the oil & gas production industry. We are very happy that our alliance with the highly professional and experienced team of AFKAR will help the Middle East become one of the epicenters of this revolution.”
Adnan Ghabris, Chairman of AFKAR Ventures said: “We are excited to join forces with Noven, such an innovative company with an ingenious vision. We have received encouraging signals from our clients on Noven IoT system. We are proud to introduce the technology in our region with a long-term plan to manufacture the systems locally, capitalizing on the ICV initiatives across the GCC.”
Noven Inc, is a Houston based company. It was started in 2018 and includes a solid team of experts from Petroleum Engineering to Data Science and Electrical engineering. It is backed by strong private investors.http://web.noven.io/
“AFKAR Group and Bahwan CyberTek announce a Strategic partnership agreement to develop and deploy Digital transformation solutions in the regional Energy Sector”
Dubai – 27th January 2021. Bahwan CyberTek (BCT), a global provider of digital transformation solutions in the areas of Predictive Analytics, Digital Experience and Digital Supply Chain Management.; and AFKAR Group, a leading Energy Tech venture introducing innovative, sustainable and customized solutions; announced the signing of an MOU paving the way to create first mover EnergyTECH digital support solutions joint venture.
The new MENA transformational focused venture will aim to be a leading actor in the digital world in supporting the regional energy companies in maximizing efficiencies and improving processes.
S. Durgaprasad, Co-founder, Director & CEO Of Bahwan CyberTek said: “Bahwan Cybertek (BCT) in it’s journey of over two decades has consistently delivered business transformation in the Industry verticals it addressed, leveraging upon it’s deep domain knowledge, it’s Innovative digital products and it’s expertise in digitalizing businesses on the platforms it has built . Joining hands with AFKAR, leaders in the energy sector from the region, lifts the value to a greater plane altogether, am sure this synergy further transform business in the Energy sector not only in the region but globally too”.
Adnan Ghabris, Chairman of AFKAR Group said: “AFKAR comes with a vision of transforming the Oil & Gas and Energy sector using innovative technology and digital solutions. Our Partnership with BCT, a renowned global leader in digital transformation, is a major development for AFKAR. I am confident that our industry experience coupled with BCT’s Technical expertise will help us achieve our vision.”
About Bahwan CyberTek
Bahwan CyberTek (BCT), established in 1999, is a global provider of digital transformation solutions and has delivered solutions in 20 countries across North America, the Middle East, Far East, Africa and Asia. With strong capabilities in Digital Technologies, BCT has over 3000 associates with technical and domain expertise, delivering solutions to the Oil & Gas, Telecom, Power, Government, Banking, Retail and SCM / Logistics verticals. With a focus on joint innovation, BCT has partnered with leading global technology organizations such as Oracle, IBM and TIBCO to deliver differentiated value to customers. BCT is recognized at CMMi level 5 and is an ISO certified organization.
“AFKAR Group announces a Strategic Investment in Fathom Holding, developer and provider of Enterprise AI suite and IOT Platform Solutions for Oil & Gas and Energy Sector”
Dubai / Dhahran- April 5th, 2021. AFKAR Group, a leading Energy Tech Venture introducing innovative, sustainable and customized solutions; announced the Investment in Fathom Holding, a global software company that provides AI and IOT Platforms to deliver Enterprise AI Applications Suite and market place at scale toward achieving digital business agility. The Investment decision is fully aligned with AFKAR’s vision to contribute in digital transformation, development of innovation proprietary solutions and efficiency driven solutions for Oil & Gas and Energy sector.
Adnan Ghabris, Chairman of AFKAR Group said: “AFKAR comes with a vision of transforming the Oil & Gas and Energy sector using innovative technology and digital solutions. Our Investment in Fathom Holding, a disruptive Tech organization holds true to our vision. We believe in the capabilities of Fathom team, their technical expertise coupled with our extensive industry experience will help us bring great products together.”
Ibrahim Al baloud, CEO of Fathom Holdings said:
“AFKAR’s vision and expertise in the Energy sector led us to partner with AFKAR Group, in the shared vision as a Strategic Partner in the journey of accelerating the time to value from the emerging technologies in the industry by providing integrated digital solutions for upstream, midstream, and downstream operations.”
About Fathom Holdings
Fathom is a global technology company that provides an enterprise AI software suite and an Industrial IoT platform. It enables organizations to develop enterprise AI applications to promptly make informed decisions and faster value realization at scale from the emerging technologies. It is the first start-up of the MENA region that has an end-to-end total software proprietary technology solution for the energy and industrial sectors.
“AFKAR Ventures awarded a Business Advisory Agreement with Kuwait Drilling Company.”
Kuwait – 18th March 2021 – AFKAR Ventures, and Kuwait Drilling Company (KDC), a leading drilling services provider in Kuwait and the region for over 58 years, are pleased to announce their collaboration in a business advisory agreement to support KDC in achieving its corporate strategic growth objectives.
AFKAR’s business consulting unit will be leveraging deep expertise of both ventures and partners, and its knowledge of the Energy sector to deliver strategic engagements and to support the project implementations and excellence in execution, efficiently and most effectively.
About Kuwait Drilling Company (KDC)
Established in 1963, and later became a joint venture between Kuwait Petroleum Corporation (KPC) and Contracting & Marine Services (CMS). Since 1965 KDC drilled more than 2,500 wells in Kuwait, the Joint Operations (in the divided zone between Kuwait and Saudi Arabia) and Libya. KDC engages in all aspects of deep, medium, and shallow drilling as well as work-over services.