LTIMindtree, in collaboration with Aramco, is working to enhance women’s job prospects in Saudi Arabia through a joint venture dedicated to advancing digital and IT services. The initiative seeks to emulate India’s successful model of cultivating a technology talent pool while promoting gender diversity in the Saudi job market.
The collaboration, announced on March 6 and slated to commence operations from July 1, will see LTIMindtree holding a majority stake of 51%, with Aramco’s subsidiary Global Digital owning the remaining share. This strategic alliance underscores a commitment to driving rapid digitization in Saudi Arabia and cultivating a local talent pool over time.
Sudhir Chaturvedi, President and Executive Board Member of LTIMindtree, emphasized the venture’s alignment with the Kingdom’s ambitious tech projects such as NEOM and Red Sea Global. With approximately 12 giga projects underway, Saudi Arabia represents a significant driver of tech spending in the region, making it an opportune market for LTIMindtree’s expertise.
Despite global economic uncertainties, Chaturvedi remains optimistic about the venture’s potential, highlighting the Saudi market’s emphasis on execution capabilities and technology quality over pricing. While the initial contribution to margins may be modest, the long-term prospects are promising, with significant investments planned to capture a substantial share of the burgeoning market.
LTIMindtree’s strong performance, highlighted by a 17% rise in consolidated net profit and a 5% increase in revenue during the December 2023 quarter, demonstrates its preparedness for this ambitious venture. As the joint venture gears up to launch, it signals a new chapter of cooperation between LTIMindtree and Aramco, aimed at driving innovation and supporting women in Saudi Arabia’s growing technology sector.