LAHORE: Avanceon FZE, a wholly-owned subsidiary of Avanceon Ltd established in the Middle East, has signed a $3.6 million nine-year contract with Dubai Metro to maintain and support its operations.

The after-market support arm of Octopus Digital, an Avanceon subsidiary company, will maintain end-to-end integrated control systems installed base across the Green and Red Lines for Dubai Metro and emergency operational support through September 2030.

Octopus Digital has been providing emergency and maintenance operational support to Dubai Metro since 2014 and is poised to be listed on the Pakistan Stock Exchange with its book building portion on September 9-10 and retail portion confirmed on September 16-17.

The company helps businesses digitise their manufacturing, supply chain, and financial workflows backed by strategic and operational maintenance support services in the US, the Middle East and South Asia.

Established in 1984, Avanceon is an industrial automation consultation and system integration entity in Pakistan, Qatar, the UAE, Saudi Arabia and the US. It provides state-of-the-art automation solutions.

Besides, ITMinds, a wholly-owned subsidiary of the Central Depository Company (CDC), has signed an agreement with InfraZamin, an investment finance company, for providing Back Office Accounting Services.

InfraZamin is an initiative to establish a for-profit, credit enhancement facility for raising infrastructure-related debt in Pakistan. InfraZamin CEO Maheen Rahman said this arrangement will enable her company to focus on its core business function of credit guarantees.

CDC CEO Badiuddin Akber said they have commissioned ITMinds with an aim to enable asset management companies, investment finance companies and other organisations to outsource their back office functions to a competent and reliable BPO partner, relieving them to focus on their core businesses.

Published in Dawn, September 2nd, 2021