TMF Group acquires Proven’s corporate services business in Saudi Arabia

The Middle Eastern business outsourcing company Proven’s business process outsourcing (BPO), corporate services, corporate immigration, and visa services businesses have been acquired by TMF Group, a provider of compliance and administrative services.

Since its founding in 2009, Proven has played a leading role in making it possible for companies to run smoothly in Saudi Arabia and other Middle Eastern nations, including the UAE, Bahrain, Egypt, and Kuwait. Since then, it has grown to serve global markets while continuing to uphold its standing as a reliable partner for businesses seeking to optimize their operations.

Proven’s staff has ten years of experience, and they bring knowledge, cutting-edge technology, and a contemporary service delivery strategy to assist their partners create the most value possible. By making the strategic acquisition, Proven can grow its corporate services value chain and support inbound business from TMF Group’s 125 offices throughout the world.

TMF Group will gain from incorporating Proven’s regional corporate services companies into its current worldwide infrastructure.

In order to expand its clientele in Saudi Arabia, TMF Group will establish a new office there.

Frank Welman, head of EMEA at TMF Group, said in a statement following the announcement of the acquisition: “This acquisition marks a critical turning point in TMF Group’s expansion strategy. Proven has shown great success in the region.

In the Middle East, where we already have a reputable presence in Qatar and the United Arab Emirates, the kingdom of Saudi Arabia is a jurisdiction full of potential, and this acquisition will allow us to expand our high-quality service capabilities there. After the purchase closes, we eagerly anticipate welcome 57 of Proven’s skilled staff members to the TMF Group’s MEA team.

The purchase of a portion of Proven’s business will increase TMF Group’s service offerings to foreign corporations seeking to operate in and invest in the kingdom of Saudi Arabia, according to Stewart Adams, market head for Middle East and Africa at TMF Group.

The acquisition is a fundamental part of a continuing growth story for TMF Group and demonstrates strategic intent to develop and grow its global corporate services and HR business. PROVEN adds high-quality capability to TMF Group’s portfolio of services in the GCC (Gulf Cooperation Council) region, helping it to increase its share of this fast-growing market.”

Proven CEO, Omer Saleem, commented: “Saudi Vision 2030 aims to build a business ecosystem that sustains and supports the growth of the private sector, and corporate services are an integral part of this ecosystem. Today, both Proven and TMF Group are at a maturity level that allows for maximum value creation in the country.

Saudi’s private market is in urgent need of the next level of corporate services that can help existing firms keep pace with regulatory and compliance needs. Our partnership with TMF Group is perfectly timed, foreseeing the next level of growth that the Kingdom is envisaging in the near future.”

 

 

 

 

source : gulfbusiness.com

Read more
,

Saudi Arabia is outsourcing ‘hot spot’ due to Vision 2030

RIYADH: According to a new estimate, business outsourcing in Saudi Arabia is predicted to reach $5.7 billion by the end of 2027, thanks to a Compound Annual Growth Rate of 10%.

According to a study conducted by the Boston Consulting Group in collaboration with Forward MENA, formerly known as Beirut Digital District Academy, the Kingdom is now a “hot spot” for job outsourcing and is emerging as a strategic hub where entities can easily outsource parts of their value chains and source talent from third parties.

Financial services, manufacturing, and telecommunications are among the key growing sectors in this area.

“Turning key strengths into enabling tools for a fully diversified future, Saudi Arabia has set ambitious yet achievable targets, which express long-term goals and expectations and reflect the country’s strengths and capabilities,” said Leila Hoteit, managing director and senior partner at BCG.

She added: “Its Vision 2030 reflect 11 Vision Realization Programs and large-scale transformation projects such as Giga projects like NEOM, Qiddiya, and Diriyah Gate all point towards vast outsourcing opportunities in the years to come.”

According to the survey, overall spending by Saudi Arabia-based enterprises on outsourcing services from local and offshore suppliers in 2018 was anticipated to be more than $2.3 billion.

This is expected to increase to $5.7 billion by 2027.

In terms of the Kingdom’s future economic outlook, three job clusters have been identified to assist drive long-term initiatives, indicating substantial growth potential for job outsourcing.

Infrastructure management services include cloud engineers and cybersecurity analysts; software and application development includes software engineers as well as application developers; and data and artificial intelligence includes data scientists and blockchain developers.

According to the survey, Saudi Arabia’s talent pool supply for outsourced work comes primarily from local service providers, India, and nearby Arab countries such as Egypt, as well as the US, China, and European countries for more advanced professions.

 

 

Source : arabnews.com

 

________________________

Outsource Guru, headquartered in Singapore, is an established Industry Leader in Business Process Outsourcing Solutions and Software As A Service (SAAS) Integration. Currently partnering MSME’s and large corporations across 12 different industries globally, Outsource Guru has produced phenomenal results by successfully integrating AI technology and restoring workflow efficiency.

With its integrated grid of business solutions and a highly skilled international workforce, Outsource Guru is now the partner-of-choice for business establishments globally.

 

 

Read more