Tech Mahindra forms JV for Saudi Arabia
Joint venture with Midad Holding will focus on services
Tech Mahindra has entered into a joint venture with Midad Holding to increase its presence in Saudi Arabia.
The agreement will found Tech Mahindra Arabia as a joint venture between the two. Tech Mahindra will hold 51% of the company while Midad, a a subsidiary of Al Fozan trading group, will have the remaining 49%.
Tech Mahindra Arabia will focus on activities such as consulting, application development and management, network services, integration, engineering, managed services, remote infrastructure management, operational & maintenance services and business process outsourcing.
CP Gurnani, managing director and CEO, Tech Mahindra Limited 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 region."
Mohammed Al Baadi, managing director & CEO, Midad Holding added: "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 maximizing local content."
GB Kumar, vice president and Geo Head, Middle East and North Africa, Tech Mahindra Limited, 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."