LTIMindtree Forms JV with Saudi Aramco for MENA IT Services

15 Mar 2024 , 03:00 PM

LTIMindtree Ltd announces joint venture with Global Digital, a Saudi Aramco subsidiary, for MENA IT services, with $12.3 million initial investment.

LTIMindtree to hold 51% share capital, with Global Digital owning the remaining 49%.

Joint venture targets technology promotion and implementation across government and private sectors in Saudi Arabia and the wider MENA region.

MENA region includes countries like Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Iraq, Jordan, Lebanon, Egypt, Libya, Tunisia, Algeria, and Morocco.

Initiative aims to drive digital transformation in Saudi Arabia, aligning with Saudi Vision 2030 goals.

Joint venture poised to accelerate digital economy growth, foster innovation, and create shared intellectual property.

Sudhir Chaturvedi, President & Executive Board Member of LTIMindtree, highlights plans to leverage global capabilities for digital transformation across various sectors.

Joint venture board to consist of five members, with LTIMindtree appointing/removing three and Global Digital appointing/removing two.

Nabil Al Nuaim, Aramco Senior Vice President of Digital, emphasizes joint venture’s role in localizing IT services, creating jobs, and supporting Kingdom’s future prospects.

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