Tech Mahindra has announced that it has signed a joint venture (JV) agreement with Midad Holding, the Al Fozan subsidiary.
The JV will be called Tech Mahindra Arabia. Tech Mahindra will have 51% ownership while Midad will own a 49% stake.
Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional following regulatory approvals.
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,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.”
