Cisco on Thursday announced that the Middle East Financial Investment Company (MEFIC), one of the region's premier financial services firms, has selected Cisco to upgrade its backbone network infrastructure. As part of the agreement, MEFIC will deploy an integrated communications network comprising a comprehensive suite of Cisco's advanced technology solutions, including Internet Protocol (IP) telephony and security. With the help of Cisco's intelligent network infrastructure, MEFIC, licensed by the Capital Markets Authority (CMA) as a fully fledged financial services company, will be able to maximize efficiency and provide best-in-class client servicing. Additionally, Cisco's reliable information technology infrastructure will help facilitate seamless communication between the organization's employees and clients. Badr Al-Sayari, MEFIC's acting chief executive officer, said: “Technology is now part of our day-to-day business and at the forefront of our strategic planning.” “We have therefore made a concerted effort to adopt technology solutions that will help ensure scalability, reliability and security for our network. With the deployment of Cisco's advanced technology solutions, our aim is to consolidate our position in the financial and investment services market by delivering the highest levels of customer service, largely through our online local, regional and international brokerage in a highly secure online environment.” “Cisco's advanced network infrastructure solutions will help enable MEFIC to provide superior and innovative financial and investment services in the Middle East,” said Badr Al-Badr, managing director, Cisco Saudi Arabia. “Network security is a key issue in today's global financial services market, so being able to ensure the privacy and security of data over the network was one of MEFIC's primary concerns. Cisco's solutions will help protect confidential customer data.” MEFIC is a full fledged financial services company with a paid up capital of SR400 million. MEFIC's shareholders are leaders in the financial and the investment fields, they are: The Kuwait and Middle East Financial Investment Company and The Arab Investment Company which was established by the central banks of 17 Arab countries. Cisco is the worldwide leader in networking that transforms how people connect, communicate and collaborate. __
