Mar 26 2008 |
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Noor establishes outsourcing joint venture
Noor Investment Group has unveiled plans for a Dubai-based business outsourcing company that will capitalise on the region's buoyant financial services sector. In a joint venture with Indian outsourcing firm Adventity, the group has given the go ahead to the Dh100 million project to be based at the Dubai Outsourcing Zone.The new entity, which is yet to be named, will provide business process outsourcing (BPO) services, including, transaction processing, knowledge process outsourcing and call centre management services.
The company will offer services to countries in the Middle East, North Africa and Pakistan. Noor Investment Group and Adventity have both contributed Dh50m in paid-up capital for the venture.
Hussain Al Qemzi, CEO of Noor Investment Group , said: "The group has been working with Adventity for the past few months in a consulting and BPO capacity.
Based on our experience, we believe there exists an opportunity to build a world-class BPO company to service blue-chip companies across the Middle East and North Africa (Mena) region. This view is shared by Adventity and its Board of Directors, who view Mena as their primary growth market over the next several years."
The new venture is likely to employ up to 1,000 staff over the next five years, with the majority being based at the Dubai Outsourcing Zone.
Kumar Subramanian, CEO of Adventity, said: "Our partnership with Noor Investment Group further strengthens our strong position in the Mena region.
This region has been of prime importance to Adventity and our new relationship offers us an ideal opportunity to further our investments in the Middle East and bring value and solutions to our customers globally."The project marks the first major investment by Adventity in Dubai and will involve the establishment of a dedicated delivery centre. The aim of the joint venture is to address the growing need for the state of the art outsourcing solutions for the financial services industry.
It will also offer clients the ability to leverage Adventity's recruiting and training pool in India.
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