LTIMindtree, Aramco announce tech JV in Saudi Arabia

Indian information technology (IT) services firm LTIMindtree and Saudi Aramco’s digital and technology subsidiary, Aramco Digital, have signed a deal to set up a joint venture in Saudi Arabia. 

The joint venture, which will provide IT services in the wider Middle East and North Africa (MENA) region, aims to develop disruptive digital services and advanced technologies, LTIMindtree informed the stock exchanges on Wednesday.

The joint venture will also support Saudi’s Vision 2030 goals by creating highly skilled jobs in the tech sector, it said in the statement.

The venture is being formed under the Aramco Namaat Industrial Investments Program, it said.

“LTIMindtree is fully aligned with the Saudi Vision 2030. We are pleased to have been selected as the trusted partner for the joint venture,” Sudhir Chaturvedi, president and executive board member, LTIMindtree, said.

“The Kingdom of Saudi Arabia and MENA are among the fastest growing regions in the adoption of new technologies. We are committed to delivering new technology-led growth to the region,” he added. 

“With Aramco Digital, we will bring our global capabilities and expertise and leverage new technologies to deliver digital transformation suitable for giga projects, the government sector, high growth industries, energy, manufacturing, and the financial services sector,” Chaturvedi said. 

Nabil Al Nuaim, a senior vice-president at Aramco Digital, said, “This partnership will leverage the power of digital transformation and unlock unprecedented opportunities for innovation and sustainability in the region. The joint venture aims to foster the localization of the IT services vital sector, create valuable jobs, and pave the way for a brighter future in the Kingdom.”

Aramco Digital chief executive Tareq Amin said the collaboration aligns with the company’s solutions offerings, which capitalize on high demand for customized and scalable solutions. 

“The powerful combination of Aramco Digital’s business, coupled with LTIMindtree’s deep engineering capabilities and customer experience solutions, has the potential to unlock tremendous value for the region. It reinforces our joint efforts to support Vision 2030 and deliver world-class and sustainable value to our customers and employees, while working toward creating local jobs and expertise with a competitive edge,” he said. 

Aramco Digital is part of the state-owned $2 trillion oil giant Saudi Aramco group. 

LTIMindtree, a subsidiary of Indian conglomerate Larsen and Toubro (L&T), is a global technology consulting and digital solutions company with a market cap of $18 billion.