Accenture (NYSE: ACN) has decided to form a joint venture with Saudi conglomerate Al Faisaliah Group through the acquisition of a majority stake in Al Faisaliah Business & Technology Company, Accenture announced.
The move is seen as an attempt for the management consulting company to boost business opportunities in the Middle East.
Accenture’s role in the Middle East market is poised to grow considerably upon completion of the transaction. FTBC is considered one of the premiere enterprise resource planning solution providers in Saudi Arabia, offering a wide range of integrated business and technology services to a diverse group of clients.
“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, senior managing director of Accenture’s geographic strategy and 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.”
Accenture’s status as a a global management consulting, technology services and outsourcing company is said to be an ideal match for a partnership with FTBC. More than 215,000 employees currently serve Accenture clients in more than 120 countries.