NetSol and Atheeb Group form software JV

Solutions company NetSol Technologies and Saudi’s Atheeb Group have announced a new joint venture which will focus on software engineering and services for the Middle East.

The joint venture, to be called Atheeb Netsol Ltd, will focus on software development for public and private sector clients in key verticals including telecommunications, defence, and finance in the region.

The joint venture aims to capitalize on the Atheeb Group’s presence across the region, especially in Saudi Arabia, and Netsol’s expertise in project management and software engineering, research and support. Netsol will hold 50.1% of the business, with Atheeb taking the other 49.9%.

HRH Prince Abdulaziz bin Ahmed, Atheeb group chairman and CEO commented: “As we looked out across our portfolio of leading companies within the growing Middle East region, we saw a distinct opportunity to tap the rising demand for innovative software development and outsourced IT services. In partnering with NetSol, we found a strategic joint venture partner that brings world class CMMI Level 5 capabilities as well as a shared vision for success, founded on a deep understanding of the IT needs of the Middle East business landscape. With our combined resources and expertise, we have set in place a strong foundation for the future and are excited by the tremendous market opportunities that lie ahead for Atheeb NetSol Limited.”

Najeeb Ghauri, NetSol Technologies, Inc. chairman and CEO said: “Our new joint venture partnership with Atheeb Group represents the unlimited opportunities we see for software engineering in Saudi Arabia and the broader Middle East. In partnering with the Atheeb Group we have a highly respected and major business group who shares our vision for supporting the dynamic and increasingly diversified economies of the region, which is seeing a rising demand for high quality software development and IT services. Today's announcement aligns directly with our stated strategy of penetrating new growth areas through strategic joint ventures and leveraging our Center of Excellence on a global scale.”

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