As a step towards strengthening its position in KSA, TMF Group has announced the acquisition of the Business Process Outsourcing (BPO), corporate services, corporate immigration and visa services divisions of PROVEN. Since its establishment in 2009, PROVEN has been at the forefront of enabling businesses to operate seamlessly in Saudi Arabia and other Middle Eastern regions, including the UAE, Bahrain, Egypt, and Kuwait.
The acquisition represents a significant step in TMF Group’s expansion as the KSA economy is the largest in the Middle East and the eighteenth largest in the world. This strategic acquisition enables PROVEN to support inbound business from TMF Group’s 125 offices globally while expanding its corporate services value chain. TMF Group will benefit from integrating PROVEN’s regional corporate services businesses into its existing global infrastructure.
On announcing this acquisition, Frank Welman, Head of EMEA, TMF Group, commented, “PROVEN has demonstrated significant success in the region and this acquisition represents a milestone in TMF Group’s expansion strategy. The Kingdom of Saudi Arabia is a jurisdiction full of potential and this transaction will enable us to add high-quality service capabilities to TMF Group’s portfolio in the Middle East, where we already have a reputable presence in Qatar and the United Arab Emirates. We look forward to welcoming 57 of PROVEN’s talented employees to the TMF Group’s MEA team after the transaction closes.”
Omer Saleem, CEO, PROVEN commented, “Saudi Vision 2030 aims to build a business ecosystem that sustains and supports the growth of the private sector, and corporate services are an integral part of this ecosystem. Today, both PROVEN and TMF Group are at a maturity level that allows for maximum value creation in the country. Saudi’s private market is in urgent need of the next level of corporate services that can help existing firms keep pace with regulatory and compliance needs. Our partnership with TMF Group is perfectly timed, foreseeing the next level of growth that the Kingdom is envisaging in the near future.”
As a result, TMF Group will open a new, permanent office in Riyadh, and build on the existing KSA clients currently served by TMF Group’s Dubai office.
