Riyadh-based diversified organisation Atheeb Group has partnered American firm NetSol Technologies in a venture to form a new software development and IT services company.

Atheeb NetSol Limited, the joint venture outfit, will focus on serving Saudi Arabia, the rest of the GCC region and the wider Middle East, a joint statement said.
NetSol Technologies provides global business services and enterprise application solutions to private and public sector organisations.
Atheeb NetSol will be active in key business sectors such as telecommunications, defence, and finance, among others, and leverage the strength of Atheeb’s local presence in key geographies where it operates while also supporting private, public and government customer business activities, the statement said.
“NetSol will provide best practices project management and the comprehensive delivery capabilities of its CMMI Level 5 certified Centre of Excellence for software engineering, research and development, as well as customer support and training,” it added.
Atheeb NetSol Limited will be 50.1 per cent owned by NetSol while Atheeb will own 49.9 per cent. Both partners will provide a modest up front capital investment. 
Prince Abdulaziz bin Ahmed, Atheeb Group chairman and CEO, commented: “As we looked out across our portfolio of leading companies within the growing Middle East region, we saw a distinct opportunity to tap the rising demand for innovative software development and outsourced IT services. In partnering with NetSol, we found a strategic joint venture partner that brings world-class CMMI Level 5 capabilities as well as a shared vision for success, founded on a deep understanding of the IT needs of the Middle East business landscape.”
Prince Abdulaziz added that a strong foundation had been laid with the combined resources and expertise of the JV partners and tremendous opportunities lay ahead for the new company.
Najeeb Ghauri, chairman and CEO, NetSol Technologies, stated: “Our new joint venture partnership with Atheeb Group represents the unlimited opportunities we see for software engineering in Saudi Arabia and the broader Middle East. In partnering with the Atheeb Group we have a highly respected and major business group who shares our vision for supporting the dynamic and increasingly diversified economies of the region, which is seeing rising demand for high-quality software development and IT services.”
Ghauri went on to say that the partnership aligned directly with “our stated strategy of penetrating new growth areas through strategic joint ventures and leveraging our Centre of Excellence on a global scale.”
Established in 1985, the Atheeb Group has achieved success across the Middle East and is in the process of expanding its business there. Its operations cover shipping stevedoring, medical services, IT and telecommunications, operations and maintenance, real estate investment, contracting, construction, and investment banking. It has provided hardware and services to the military. Atheeb’s Group workforce totals around 10,000.
NetSol Technologies, established in 1995, has used its Best Shoring practices and expertise in analysis, development, quality assurance, and implementation to deliver cost-effective solutions. Its product and services offerings include credit and finance portfolio management systems, hospital/healthcare information management systems, SAP consulting and services, custom development, systems integration, and technical services for the global financial, healthcare, insurance, energy, and technology markets.
NetSol’s has achieved ISO 9001 and ISO 27001 and SEI (Software Engineering Institute) CMMI (Capability Maturity Model Integration) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. Clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Emeryville, California, NetSol Technologies has operations and offices in Adelaide, Beijing, Bangkok, Lahore and London.