June 07, 2011
Accenture To Strengthen Capabilities in Middle East Through
Joint Venture with Al Faisaliah Group
RIYADH, Kingdom of Saudi Arabia; June 7, 2011 – Accenture is enhancing its capabilities in the Middle East through an agreement to form a joint venture with Saudi Arabia-based Al Faisaliah Group (Al Faisaliah) through the acquisition of a majority stake in Al Faisaliah Business & Technology Company (FBTC), an Al Faisaliah subsidiary. FBTC is a leading information technology services business in Saudi Arabia. The transaction is subject to customary closing requirements and is expected to close within 90 days.
FBTC is already one of the leading enterprise resource planning solution providers in Saudi Arabia and provides integrated business and technology services to a wide range of clients.
Once the transaction is completed, Accenture’s position in the Middle East market will be strengthened by the combination of 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.
“We are delighted to be entering into this agreement with Al Faisaliah and believe the joint venture will provide an opportunity to bring together the local experience and technology skills of FBTC with Accenture’s global network and capabilities,” said David Thomlinson, Accenture’s senior managing director—Geographic Strategy & Operations. “The agreement demonstrates our commitment to the Kingdom of Saudi Arabia and enhances our ability to provide a much broader range of services for clients in the region.”
HRH Prince Mohammed K. A. Al-Faisal, president and CEO of Al Faisaliah Group, said: “I am confident that this joint venture will benefit both Al Faisaliah and Accenture. Over time, we will continue to hire Saudi nationals as the needs of our business evolve. Beyond this, the joint venture will bring global best practices to the Kingdom and support the improved effectiveness and competitiveness of our customers in the private and public sectors.”
“Strengthening our presence in Saudi Arabia is a priority for Accenture,” said Omar Boulos, managing director of Accenture in the Middle East. “As always, our focus will be on providing our clients with the support they need to meet their business goals. The joint venture with Al Faisaliah will accelerate the execution of our strategy and is another indicator of our commitment to the market.”
Accenture is a global management consulting, technology services and outsourcing company, with more than 215,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.6 billion for the fiscal year ended Aug. 31, 2010. Its home page is www.accenture.com.
About Al Faisaliah
Al Faisaliah is a leading regional business group based in the Kingdom of Saudi Arabia. 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. Its home page is www.alfaisaliah.com.
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Peter Y. Soh