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Monday, March 20, 2017

How a young Saudi’s passion for numbers gave rise to actuarial company | Al-Arabiya English

"The expression “the love of adventure pushes entrepreneurs to leave typical businesses and shift towards taking risks in pioneer works” best applies to 26-year old Saudi Ahmed Bukhamseen." inform Al-Arabiya English.

Saudi entrepreneur, Ahmed Bukhamseen, 26, established Quant Data and Analytics – a company specialized in business intelligence platforms.
Photo: Saudi Gazette
He left work at a global corporation to become an entrepreneur, and established Quant Data and Analytics – a specialized company in the field of data science, data analysis, visualization and integration in Business Intelligence platforms that transforms raw data into information to empower organizations in the decision making process.

Bukhamseen graduated from King Fahd University of Petroleum and Minerals with a Bachelor’s degree in actuarial science and financial mathematics, a sub-specialization concerned with data analysis and study, and which uses mathematical and statistical methods to estimate the amount of risks in insurance and financial industries.

After graduation in 2013, Bukhamseen moved to Bahrain to work as a actuarial analyst at Lux Actuaries & Consultants, one of the leading global companies in the field of actuarial consulting services, with locations in eight countries. In late August 2015, the story of Quant Company began when Bukhamseen decided to exploit the actuarial science and turn it into the first project in Saudi Arabia that provides data analysis and presentation of the customers’ businesses for their further growth and achievement of the best possible returns on investments.

Bukhamseen believed in his idea and in the need of the Saudi market, one of the largest markets in the region for such advanced sciences and services. So he began taking the project seriously and conducted feasibility studies to establish Quant. The turning point in his life was his decision to resign from his job at the end of October 2015 and return to Saudi Arabia to begin the implementation phase of his personal project.

The beginning
In early 2016, Bukhamseen joined Wa›ed entrepreneurship program, a subsidiary of Saudi Aramco in Dhahran in the Eastern Province. Over the course of four months of training and learning, he was able to gain an experience that qualifies him to launch his project in the market.

At this time, it was appropriate for the Saudi young dreamer to tell some of his school friends to join him in the actuarial science and financial mathematics project. Bukhamseen did not stop there. He persuaded some of his employed friends who were busy climbing the shining career ladder in the corporate world to resign from their posts and engage with him as partners in the project.

Bukhamseen recalls that moment, saying: “I told everyone that I left my job to follow my dream of establishing my new personal project. Many advised me to wait and not to take risks, for the job was prestigious and I have only been there for a short time. However, I insisted that most people who succeed in mega projects at our time only had their experience and education and believed that education, proper thinking and perseverance are key factors for the success of any business project.”...

Quant officially launched as the first company in Saudi Arabia in the field of data sciences and actuaries together and mixing between the work of actuarial analysts and data engineers.

Actuarial sciences
After many Saudi companies realized the importance of actuarial sciences and financial mathematics to develop businesses and achieve the highest return, Quant began to expand its projects and conclude new contracts, the latest being the agreement with “Morni” Company to provide actuarial services and data sciences consultancies for the pricing of products and services in the “Morni” application, which works as an instantaneous interactive electronic platform based on the Internet and positioning services to connect users in need of any service related to transportation and roadside assistance with the service providers through an application for smart phones.

After that, the company signed another agreement with Foodics specialized in the restaurants› point-of-sale platforms. Then, the company started to expand abroad, especially in Dubai and Bahrain, and concluded several agreements with a number of operating companies in those markets.
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Source: Al-Arabiya English