25 March 2024 – In a strategic move, LTIMindtree has teamed up with Aramco to establish a joint venture focused on enhancing technology talent and women’s employment in Saudi Arabia.
LTIMindtree and Aramco’s joint venture aims to create a cutting-edge digital and IT services company in Saudi Arabia, mirroring India’s successful talent development strategy. Sudhir Chaturvedi, President and Executive Board Member of LTIMindtree, highlighted the company’s commitment to replicating its proven model of hiring and training professionals, with a specific focus on increasing women’s participation in the Saudi job market.
With LTIMindtree holding a majority stake of 51%, and Aramco’s subsidiary Global Digital owning the remaining stake, the joint venture is set to commence operations from July 1. Chaturvedi emphasized Saudi Arabia’s pivotal role in driving tech spending, particularly in ambitious projects like NEOM and Red Sea Global, which rely heavily on cloud-based infrastructure.
Despite global economic uncertainties, Chaturvedi expressed confidence in the Saudi market’s emphasis on execution capabilities and technology quality over price sensitivity. While the JV’s initial contribution to margins may be modest, its long-term potential is significant, given the region’s burgeoning tech landscape.
As LTIMindtree continues to witness growth, with a 17% increase in consolidated net profit and 5% growth in revenue from operations in the December 2023 quarter, its partnership with Aramco signifies a strategic leap towards capturing a significant share of the growing MENA market. Through substantial investments and a focus on talent development, the JV aims to capitalize on the region’s expanding tech opportunities.
