Tech Mahindra, Midad form Saudi JV
Tech Mahindra, a specialist provider of connected solutions, has signed a joint venture agreement with Midad Holding, which is a subsidiary of Al Fozan, a leading Saudi group with diversified business interests.
Tech Mahindra will have 51 per cent ownership while Midad will have 49 per cent stake in the JV to be called Tech Mahindra Arabia.
Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post regulatory approvals.
The joint venture aims to combine the regional strength of Midad Holding and the global connectivity of Tech Mahindra to create a synergic value proposition for customers in Saudi Arabia, the companies said.
CP Gurnani, managing director and CEO, Tech Mahindra, said: “Saudi Arabia has been a focus market for Tech Mahindra and we are excited about the economic growth potential the region has. This joint venture will establish the company as a leading player in providing IT and ITES (IT-enabled services) solutions. Additionally it will also provide exciting career opportunities for the talented men and women in Saudi region”.
GB Kumar, vice president and Geo Head, Middle East and North Africa, Tech Mahindra, said: “Saudi Arabia is the region’s largest economy. Tech Mahindra Arabia will pave the way for exponential growth by solving the business and technical challenges of customers from telecom, public sector, oil & gas, petrochemicals, utilities, manufacturing and BFSI segments.
“Our differentiating strengths in networking, mobility, analytics, cloud and security will be of key importance in bringing value to Saudi customers,” he added.
Tech Mahindra Arabia will provide gamut of IT and ITES to cater to the established and emerging sectors in Saudi Arabia. The solutions would aim to provide services in the areas of consulting, application development and management, network services, integration, engineering, managed services, remote infrastructure management, operational and maintenance services and business process outsourcing.
Mohammed Al Baadi, managing director and CEO, Midad Holding said: “Part of Midad Holding’s model is to partner with global leaders providing game changing solutions that add value and address the challenges facing Saudi Customers. The purpose of the joint venture is to leverage Tech Mahindra’s global expertise in Information technology while maximising local content”.
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