RIYADH — Accenture and Al Faisaliah Group have completed a joint venture aimed at strengthening their IT capabilities in the Middle East.
Accenture has now acquired a majority stake in one of the region's leading information technology services businesses, Al Faisaliah Business & Technology Company (FBTC), a subsidiary of the Saudi Arabia-based Al Faisaliah Group. FBTC will now trade under the Accenture brand. Plans to establish the joint venture were first announced in June, 2011.
Accenture says 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. As a result, Accenture will be able to provide a comprehensive set of IT services and delivery capabilities to clients in the Kingdom of Saudi Arabia 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.
"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, managing director 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 organizations 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."
Founded in 1970, Al Faisaliah operates in four core sectors: Agriculture & Food, Medical & Healthcare, Consumer Electronics, and Technology Infrastructure. The group employs more than 5,000 people, serving customers in 11 countries across the Middle East.