DUBAI: ENOC Group, a leading integrated global energy player, and Emirates Auction, the leading UAE-based auction company in the Middle East, signed a Memorandum of Understanding (MoU) aimed at optimising the asset disposal process. This agreement represents a key milestone in ENOC Group's efforts to streamline operations and improve business efficiency.

The agreement was signed at the ENOC Head Office, by Saif Humaid Al Falasi, Group CEO, ENOC and Abdulla Matar Al Mannai, Chairman and Managing Director of Emirates Auction, in addition to representatives from both businesses.

Saif Humaid Al Falasi, Group CEO, ENOC, said, “We are pleased to collaborate with Emirates Auction to enhance the management of our assets to streamline operations and improve business efficiency, which confirms our efforts to achieve the vision of the UAE Government in adopting a proactive thought that looks forward to the future towards eliminating bureaucracy in all our business operations. Leveraging Emirates Auction’s expertise and resources will unlock new opportunities for growth for ENOC Group and support in enhancing customer experience. We remain committed to implementing innovative solutions that strengthen the business and look forward to a successful collaboration with Emirates Auction.”

Abdulla Matar Al Mannai, Chairman and Managing Director of Emirates Auction, stressed the company's keenness to invest all its advanced capabilities, expertise and experience to enhance ENOC Group's asset management through various mechanisms, using the latest innovative systems and methods, and applying international best practices with high dynamism and with extreme ease. He said, “This agreement will contribute to achieving attractive returns for ENOC and rationalising costs, by ensuring the speed of marketing and selling assets according to clear standards that enjoy transparency, credibility, and governance. At Emirates Auction, we are proud to strengthen our cooperation and strategic partnership with ENOC Group with this agreement that constitutes a qualitative addition to the list of partners of Emirates Auction, and a step that reflects the extent of confidence in our company's reputation, performance and services at the level of the country and the region”.

ENOC Group and Emirates Auction will work closely together to discover surplus assets including vehicles, assess their market value, and implement successful disposal strategies, including auctions. By adopting innovative approaches to asset clearance and fostering collaboration within the industry, ENOC Group aims to set new standards for responsible resource management.