LTIMindtree Ltd on Wednesday, March 6, said that it will set up a joint venture with Global Digital, an arm of Saudi Aramco, for IT services in the MENA region with an initial investment of $12.3 million. The MENA region includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Iraq, Jordan, Lebanon, Egypt, Libya, Tunisia, Algeria, and Morocco. The planned joint venture aims to drive digital transformation in Saudi Arabia, fostering the growth of the digital economy by bridging gaps, sharing IT expertise, and cultivating a robust ecosystem for IT and Digital Transformation services in the country. Moreover, the joint venture offers an attractive financial opportunity and the potential to expedite Saudi Arabia's digital transformation through collaborative innovation and the creation of shared intellectual property, aligning with Saudi Arabia's Vision 2030. The joint venture's board will have five members, with LTIMindtree appointing/removing three and Global Digital appointing/removing two.
