IT firm Tech Mahindra has announced that it has signed a joint venture agreement with Saudi Arabia?s Midad Holding, a subsidiary of Al Fozan, for the launch of new company namely Tech Mahindra Arabia in the kingdom
Tech Mahindra will have 51 per cent ownership while Midad Holding will own the remaining 49 per cent stake. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi Arabia. According to the Indian company, the regional strength of Midad Holding and the global connectivity of Tech Mahindra will create a synergic value proposition for customers in the kingdom.
CP Gurnani, MD of 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 solutions. Additionally it will also provide exciting career opportunities for the talented men and women in Saudi Arabian region?.
GB Kumar, vice-president, Middle East and North Africa at Tech Mahindra, added that Saudi Arabia is the region?s largest economy and Tech Mahindra Arabia would pave the way for exponential growth by solving the business and technical challenges of customers from telecom, public sector, oil and 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 Arabian customers.?
Tech Mahindra Arabia will provide Information Technology (IT) and IT-enabled services (ITES) to cater to the established and emerging sectors in the kingdom. The solutions would also 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. Tech Mahindra has had a significant presence in the country since 2006.
Mohammed Al Baadi, CEO of 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 Arabian customers. The purpose of the joint venture is to leverage Tech Mahindra?s global expertise in Information technology while maximising local content.?