Emirates Bank Group (EBG) recently announced the creation of an information technology joint venture in the Dubai Internet City, in partnership with India's ICICI, a major financial institution.
The new Mauritius-registered joint venture, named Tricolor Infotech International (T3i) Inc., will soon begin operations and will boast resources and management both in India and Dubai, with plans for regional expansion. The venture will aim to provide financial transaction processing and software solution requirements, Gulf News reported.
Both companies will make a capital contribution of $1 million to the joint venture firm, which will hold a share capital of $5 million. ICICI Infotech and Emirates Bank Group will together procure at least 80 per cent of the paid-up equity capital of the company with other strategic investors to hold the balance. The venture marks the first of the India-related initiatives launched as part of Tricolor Investments Ltd.
"ICICI Infotech will bring in considerable domain expertise and software capabilities not only in the financial sector, but also in the whole region of transaction-processing and IT-enabled services," conveyed Anis Al Jallaf, EBI Managing Director and CEO of ICICI.
Al Jallaf added that India has demonstrated capability not only in software but also in the accuracy and reliability with regard to transaction-processing, call centres and IT-enabled services. "T3i will seek to work with all those in the region who have financial transaction processing and software solution requirements - be they in insurance, property companies or airlines," Al Jallaf commented.
Al Jallaf remarked that T3i will gear to create an incubator facility at the Dubai Internet City to encourage young entrepreneurs and to provide opportunities to those who have bright IT ideas. Mohammad Gergawi, CEO of the Dubai Internet City, expressed his support for this joint venture, and
welcomed the development of an incubator centre, Khaleej Times reported.
As a major financial institution in Asia, ICICI Group has established an office in the US, as well as a partnership with an IT company in Singapore to develop software solutions. The company boasts over 400 professional and IT experts. It plans to increase its global presence and make forays into the US, Europe, Middle East and Australia markets in the first phase of its expansion.
The Emirates Bank Group is a leading financial services conglomerate in the United Arab Emirates, with interests in Banking, Finance, Investment, and Card Services. EBG was the first to announce that it would open up a branch in the Dubai Internet City.
– albawaba.com
© 2000 Mena Report (www.menareport.com)
