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BizX Trading and Aramex ink barter system contract
DUBAI - BizX Trading, the international arm of American barter firm BizXchange, has agreed with Aramex, a leading provider of total transportation solutions in the region, to engage in the barter system in which the former conducted Dh522 million worth of transactions since 2002.
"This partnership...will encourage other organisations to join our exchange and benefit from the tremendous value that both BizXchange and barter bring to the table," said Bob Bagga, president and CEO, BizX Trading.
He stressed: "Barter is a dynamic growth industry for the 21st century and beyond, an industry as old as man and as modern as the mobile phones."
Samer Hajjar, general manger, Aramex Dubai, said the partnership would help his company create "budgeted value" from its excess capacity by providing logistics services for BizX Trading's products on a barter basis.
"This value will offset cash expenditures and at the same time allow us to invest more in attracting new customers," he said.
BizX Trading said the agreement allows it to take a position in Aramex's inventory of logistics services and in return receive an equal value of BizX trade credits. These credits can be used by Aramex to access BizX's marketing and promotion materials, advertising, printing and other requirements.
In the Middle East, BizX has developed more than a dozen barter partnerships with companies involved in real estate, media, travel and hospitality and printing that carry excess inventory or capacity.
BizX said it has some 1,500 active member companies including affiliates in Singapore, Turkey, Malaysia, Australia and the UK. It set up its Dubai office in June but has been operating here since 2005 as an international outlet for its global exchange network.
BizX registered a 50.4 per cent revenue growth and a 70.5 per cent surge in the number of employees for the period 2004 to 2006.
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