In one of the first offshoring deals in the Middle East, global IT and BPO provider, WNS, has secured a back-office contract from Mashreq, one of the largest banks in the United Arab Emirates.
Technology deals from West Asia and Asia-Pacific are becoming important for the $60-billion Indian IT-BPO industry as it tries to hedge against a slow recovery in Europe and growing conservatism in the US vis-à-vis offshoring.
Proservartner Point of View: As the IT and BPO industry faces a recovery period in Europe, and growing conservatism in the US and Australia, the Middle East has become a vital area for continued growth of the global providers. Accenture, IBM, Wipro and TCS have had a presence in the Middle East for some time, whilst HCL recently bagged a seven-year IT services deal from Saudi Arabia’s Al Majdouie group, which has interests ranging from transportation and auto components to logistics.
Listed on the Dubai Financial Market, Mashreq had total assets of about Arab Emirate Dhiram (AED) 94.2 billion (roughly $25 billion). It clocked a net profit of AED 1 billion ($270 million) in the last financial year, and this represents a good win for the new WNS, who have transformed the leadership in recent months!