Dubai: Tech Mahindra, a specialist provider of connected solutions, has signed a joint venture agreement with Midad Holding, which is a subsidiary of Al Fozan, a pre-eminent group with diversified business interests in Saudi Arabia.

The joint venture will be called Tech Mahindra Arabia, it was announced here.

Tech Mahindra will have 51 percent ownership while Midad will own 49 percent stake in the joint venture. Headquartered in Al Khobar, Tech Mahindra Arabia will also have presence across other major cities in Saudi and will be functional post the regulatory approvals.

The regional strength of Midad Holding and the global connectivity of Tech Mahindra will create a synergic value proposition for customers in Saudi Arabia.

"Saudi Arabia has been a focus market for Tech Mahindra and we are excited about the economic growth potential the region has. This joint venture will establish the company as a leading player in providing IT and ITeS solutions. Additionally it will also provide exciting career opportunities for the talented men and women in Saudi region," CP Gurnani, MD and CEO, Tech Mahindra said.

GB Kumar, Vice President and Geo Head, Middle East and North Africa, Tech Mahindra, said Saudi Arabia is the region's largest economy.

Tech Mahindra Arabia will pave the way for exponential growth by solving the business and technical challenges of customers from telecom, public sector, oil & gas, petrochemicals, utilities, manufacturing and BFSI segments, Kumar said.

"Our differentiating strengths in networking, mobility, analytics, cloud and security will be of key importance in bringing value to Saudi customers. Tech Mahindra Arabia will provide gamut of Information Technology (IT) and IT-enabled services (ITES) to cater to the established and emerging sectors in Saudi Arabia," he added.

Kumar further said the solutions would aim to provide services in the areas of consulting, application development and management, network services, integration, engineering, managed services, remote infrastructure management, operational & maintenance services and business process outsourcing. Tech Mahindra has a significant presence in Saudi Arabia since 2006 where it provides solutions to its global and local customer base.--PTI