LTIMindtree has recently intensified its operations in the Middle East by inaugurating a new regional headquarters in Riyadh, the capital city of Saudi Arabia. This strategic initiative is part of the firm’s broader plan to broaden its footprint across the Kingdom of Saudi Arabia and the wider Middle East, according to an official disclosure to the Bombay Stock Exchange (BSE).
The company’s expansion in the region follows closely on the heels of acquiring a 51% majority stake in a joint venture (JV) established with Global Digital Integrated Solutions Company, a subsidiary of the renowned oil conglomerate Saudi Aramco. This JV aims to deliver advanced information technology services throughout the Middle East and North Africa (MENA) region. Additionally, the IT enterprise declared in March that it plans to infuse an initial sum of $12.3 million, approximately 101.96 crore Indian Rupees, in the JV over various phases.
In a recent report, it was noted that despite a reduction in the overall employee count from 84,546 in the fiscal year 2023 to 81,650 in fiscal year 2024, the company’s staffing levels in the Middle East have witnessed growth. The number of employees in the region increased from 293 to 367 during the same period. Similarly, the subcontractor headcount within the region saw an uptick from 264 to 341, contrasting the company-wide decline.
The CEO and Managing Director of LTIMindtree, Debashis Chatterjee, emphasized the importance of Saudi Arabia in the global IT landscape, stating, Saudi Arabia is a key market for the future of IT, and our expansion upholds our commitment to bringing innovation here.
He further highlighted the synergy between the company’s expansion goals and Saudi Arabia’s Vision 2030, envisioning the company’s role in enhancing the Kingdom’s technological capabilities and nurturing local talent. Chatterjee regards the new Riyadh office as a pivotal development in strengthening LTIMindtree’s operations within the MENA region.
Expressing his views on the collaboration, Tareq Amin, CEO of Aramco Digital, articulated that the establishment of the new office signifies a major leap in their collaborative efforts towards advancement. He sees the move as proof of the increasing global interest in Saudi Arabia as a center for innovative technology and skilled workforce, and looks forward to the positive economic implications and opportunities it will generate for the local community.