JEDDAH: Accenture acquired a majority stake in Al Faisaliah Business & Technology Company (FBTC), an Al Faisaliah subsidiary, to enhance its capabilities in the Middle East. An agreement to form a joint venture to that effect was reached, the company said in a statement Tuesday. A memorandum of agreement has been sealed to that effect. 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." Prince Mohammed Bin Khaled 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."
