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ICICI Infotech in pact with Saudi Group

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CIOL Bureau
New Update

BANGALORE: ICICI Infotech and The Al

Faisaliah Group, based in Riyadh, Kingdom of Saudi Arabia, has launched a joint

venture IT company offering IT and business solutions. Al Faisaliah and ICICI

Infotech will hold the paid up capital in 51:49 ratio respectively, with an

equal number of nominees from ICICI Infotech and Al Faisaliah Group on the Board

of Directors.

The joint venture will leverage opportunities in the Middle East region, beginning with the Kingdom of Saudi Arabia. According to release stated here, the primary focus will be financial services industry where the JV will bring substantial value through combining the financial services domain expertise of ICICI Infotech with Al Faisaliah Group’s track record in providing mission critical IT solutions and services to the local financial services market. The JV will also offer end-to-end enterprise business and e-commerce solutions to a wide range of industries and markets.



ICICI Infotech Managing Director and CEO V Srinivasan said, "The Al Faisaliah Group’s pre-eminent position in the Kingdom of Saudi Arabia, diversified business and the Group’s knowledge of the local IT market, coupled with ICICI Infotech’s domain expertise, will ensure strong positioning of the new JV in the Middle East market.



Spending on IT products and services in the Middle East region are growing twice as fast vis-a-vis the world average, and is forecast to grow from last year’s $17.8 billion to $35 billion this year. Reaching out to even a small fraction of this figure would offer a considerable leverage to the JV".



Al Faisaliah Group Managing Director, Information Technology & Communications Sector Selman Al Fares said, "ICICI Infotech in-depth domain expertise which will effectively complement our own strength in the region, making the services offered by the new joint venture company an attractive proposition to a very wide range of companies in the Middle East region."

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