Emirates NBD, the UAE's biggest bank by assets, has set up an outsourcing company
that aims to win contracts for activities such as call centres
throughout the Middle East and North Africa.
will be called Tanfeeth, which means “getting the job done” in Arabic.
It employs 700 staff and targets revenue of AED100m ($27m) in about five years, CEO Suhail Bin Tarraf
said in an interview before a press conference in Dubai on Tuesday.
expects to be profitable in three to five years, Abdulla Qassem,
Tanfeeth’s chairman and Emirates NBD’s chief operating officer, told the
was to outsource some of our operations to existing business process
outsourcing companies, or to do it ourselves,” Qassem said. “The market
size is huge.”
Tanfeeth was inspired by Network International, the credit-card
payment processor for more than 40 banks in the region that Emirates NBD
founded in 1994.
It sold a 49 percent stake in that unit to private
equity firm Abraaj Capital for AED1.98bn in March.
will concentrate on offering services to its parent company in its first
year, aiming to cut the bank’s costs by 25 percent over five years, and
later seek business from other financial institutions and companies,
the executives said.
Emirates NBD has already spent more than AED100m to set up Tanfeeth, whose staff levels are expected to
rise to 2,000 by the end of 2012.
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