- The joint venture will help Noventiq on their strategic geographic expansion and business growth across the Middle East region.
- Mohamed Mostafa has been appointed as Noventiq General Managerto lead the markets of Saudi Arabia and Egypt.
Noventiq Holdings PLC (Noventiq), a leading provider of digital transformation and cybersecurity solutions and services, announces a strategic joint venture with Al-Suwaiket Group, a leading conglomerate with diversified interests in energy, construction, and technology, reinforcing Noventiq’s commitment to expand across Saudi Arabia. To lead the Joint Venture and future growth of Noventiq Saudi Arabia, the company has appointed Mohamed Mostafa as Regional General Manager. Mr. Mostafa will be relocating to Saudi Arabia to start working on the business strategy and talent growth for the market.
The joint venture will have a clear focus on Noventiq’s three-dimensional growth strategy of market, portfolio and sales channel expansion. The joint venture will also be supported by a strategic network of offices, including a new office set to open in 2024 in Dammam, alongside the existing Riyadh office, establishing a robust presence across this market.
The joint venture is committed to boost the digital capabilities of Saudi Arabian companies and industries, offering a comprehensive portfolio of services of digital transformation, cybersecurity, and Data & AI, including Noventiq’s proprietary AI solutions like Weaver AI, Fintense, and Selecta, alongside global technologies such as Microsoft Copilot. These initiatives are designed to elevate organizational efficiency and productivity, aligning with Saudi Vision 2030’s goals for digital transformation.
As General Manager for this region, Mohamed Mostafa will oversee the markets of Saudi Arabia and Egypt, focusing on driving growth, fostering innovation, and leading strategic initiatives aimed at leveraging the region’s dynamic technology landscape. Under his leadership, Noventiq expects to invest in the region to support its ambitious expansion plans and meet the growing demand for advanced digital transformation and cybersecurity solutions.
Hervé Tessler, CEO of Noventiq, commented: “Our collaboration with Al-Suwaiket Group and the establishment of this joint venture are key milestones in Noventiq’s journey towards becoming a leading force in the Saudi Arabia’s digital transformation sphere. This market’s accelerated growth represents a great opportunity for Noventiq, and I am really glad to have Mohamed to lead this joint venture and our expansion project across Saudi Arabia.”
Sheik Mubarak bin Abdullah Al-Suwaiket, Chairman of Al-Suwaiket Group, shared: “This joint venture with Noventiq marks a new era of technological advancement for Saudi Arabia. By combining our local expertise with Noventiq’s global capabilities, we are setting a new standard for innovation and digital excellence in the region.”
Mohamed Mostafa, Regional Director for MEA – Saudi Arabia & Egypt, highlighted: “With Saudi Arabia positioned as one of the fastest-growing markets worldwide—and the fastest growing G20 economy in 2020—this joint venture is a testament to our belief in the country’s potential and our commitment to contributing to Saudi Vision 2030. I am excited to lead this joint venture with the extraordinary team, from Al-Suwaiket Group, and I look forward to enhancing the digital transformation ecosystem in Saudi Arabia.”
This joint venture is poised to accelerate Noventiq’s growth in Saudi Arabia, leveraging the synergies between Noventiq’s global expertise and Al-Suwaiket Group’s regional leadership to deliver unparalleled technology solutions and services.
Business Combination Agreement
As previously announced on May 4, 2023, Noventiq and Corner Growth Acquisition Corp. (NASDAQ: COOL) entered into a business combination agreement that is expected to result in the combined company being listed on Nasdaq under the symbol “NVIQ”. The proposed business combination is expected to provide Noventiq with improved access to new sources of capital, accelerate M&A opportunities, and enhance its reach and capabilities in fast-growing technology development in cybersecurity, generative AI, and other high-margin solutions and tools.
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