Luxcore Signs MoU with TECHNOBLOC to Expand into the Middle East and North African Market
As part of efforts to expand into the budding IT and blockchain industry in the Middle East and North African (MENA) region, Luxcore has entered into a strategic partnership with TEQNOBLOC. TEQNOBLOC is a technology and digital transformation consulting firm that is already offering bespoke services to enterprises and governments in the MENA region. Their areas of expertise include Artificial Intelligence, Internet-of-Things, data analytics, blockchain and process automation.
Both businesses will be coming together to develop blockchain solutions and offer consultation services to enterprises in the MENA region. TECHNOBLOC already has a foothold in the region. A combination of their experience and the technical expertise of Luxcore in building custom blockchain products will possibly put them ahead of the curve.
Stats from Gartner, Inc. and the International Data Corporation (IDC) reveal that IT spending in the MENA region is expected to grow by 1.8%, reaching $160 billion by the end of 2019. Additionally, blockchain spending in the region is expected to reach $307 million by 2021. Luxcore has a lot to gain by positioning themselves as market leaders now that the blockchain industry is still nascent in these regions.
Guillaume Huot, COO at Luxcore, commenting on the partnership said:
We are delighted to have secured a mutually beneficial strategic partnership with TEQNOBLOC. We feel their in-depth knowledge of the MENA market and experience in delivering emerging technologies dovetails perfectly with Luxcore’s plans to secure a market-leading position in the region, with our enterprise-ready services and solutions. Respected market analysts suggest MENA will make a significant investment in blockchain technology over the coming years, and Luxcore fully intends to be at the forefront of that revolution.