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NetSol Technologies, Inc. (NTWK) Partners with Atheeb Group to Launch New Joint Venture in Kingdom of Saudi Arabia

NetSol Technologies, Inc., a U.S. corporation focused on providing global business services and enterprise application solutions, today announced the formal operational launch of the Atheeb NetSol Limited joint venture. This launch marks a major milestone for the company as it focuses on the development of the dynamic fast growing Middle East market for IT services and software development.

The Atheeb NetSol Limited joint venture will engage market development opportunities with the goal of penetrating the software engineering arena in key business sectors such as telecommunications, defense, public sectors and finance, among others. Atheeb NetSol Limited will leverage the strength of Atheeb’s local presence in key geographies, while benefiting from NetSol’s best practices project management and the comprehensive delivery capabilities of its CMMI Level 5 certified Center of Excellence for software engineering, research and development, as well as customer support and training.

The first Atheeb NetSol Limited board meeting was recently held at Atheeb Group world headquarters where a five year business and operational plan was ratified. The meeting was chaired by HRH Prince Abdulaziz Bin Ahmed Bin Abdulaziz AlSaud, Chairman and CEO of Atheeb Group, and attended by Mr. Najeeb U. Ghauri, Chairman and CEO of NetSol Technologies, Inc., as well as fellow board members including Mr. Alabad AbdualAziz, Mr. Ted Millspaugh, Mr. Saad O Albaiz, Mr. Salim Ghauri and Mr. Sajjad Kirmani. In addition, a seven member management team based in Riyadh was appointed.

HRH Prince Abdulaziz Bin Ahmed Bin Abdulaziz, Atheeb Group Chairman and Chief Executive Officer, stated, “The strategic joint venture between NetSol and Atheeb Group, signifies a unique and an amazing opportunity for a U.S. based IT company with a leading diversified conglomerate, in one of the strongest economies in the world. Our joint vision is to create a CMMI level 5 model company and participate in medium to large scale IT projects in the kingdom and Gulf Cooperation Council (GCC) market. The joint venture is now fully operational and ready to meet the growing demand for software development and outsourced IT services in the region. We are very excited about the potential of this partnership as we look ahead to expanding the joint ventures’ footprint in the region.”

Najeeb Ghauri, NetSol chairman and CEO, commented, “Today’s announcement marks a major milestone. On behalf of the global NetSol team, we are honored and excited to partner with a premier group so highly respected across the Middle East region such as Atheeb, under the leadership of a dynamic and visionary HRH Prince Abdulaziz Bin Ahmed Bin Abdulaziz AlSaud. Together, we stand ready to deliver leading edge IT services solutions for local public and private sector organizations as well as international clients looking to tap the growth potential of the GCC region. The Kingdom of Saudi Arabia, one of the most capitalized nations in the world, has been expanding its infrastructure across the country and growing its economy in a variety of sectors, thus offering tremendous opportunities to Atheeb NetSol Ltd.”

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