Accenture and Al Faisaliah Group have completed the formation of a joint venture aimed at strengthening their IT capabilities in the Middle East, the companies announced today.
Accenture has now acquired a majority stake in the leading information technology services business Al Faisaliah Business and Technology Company (FBTC), a subsidiary of the Saudi Arabia-based Al Faisaliah Group, it was reported. Plans to establish the joint venture were first announced on June 7, 2011.
The joint venture combines FBTC’s enterprise architecture, systems implementation and technology consulting skills, with Accenture’s broad management consulting, technology and outsourcing experience, industry depth, focus on innovation and global delivery capabilities, the companies said.
According to representatives as a result of the venture, Accenture will be able to provide a comprehensive set of IT services and delivery capabilities to clients in KSA while implementing its global best practices and cutting edge technology solutions in that market. FBTC will be renamed Accenture and will become part of the Accenture global network, Accenture said.
“Establishing the joint venture is an important step to enhancing our capabilities and positioning Accenture as a leading technology services provider in Saudi Arabia,” said Omar Boulos, MD of Accenture in the Middle East. “We will now turn our focus to supporting the business goals of our clients and addressing the growing needs of companies in the market.”
HRH Prince Mohammed K. A. Al-Faisal, president and CEO of Al Faisaliah Group, said, “The completion of this joint venture will provide organisations in the Kingdom with access to global best practices and industry leading solutions. We look forward to continuing to build upon the local Saudi workforce and to provide exciting employment opportunities for Saudi nationals.”