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Noor Investment Group establishes joint venture with India's Adventity

DUBAI — Noor Investment Group, the holding company for Noor Islamic Bank, has entered into a joint venture with business process outsourcing (BPO) company, Adventity BPO India. It is a 50/50 JV with initial capital of Dh 50 million to be paid by both parties.

The joint venture will provide BPO services including, transaction processing, knowledge process outsourcing and call centre management services. The joint venture will primarily offer its services in the GCC, Middle East and North Africa region, as well as Pakistan, Adventity's CEO, Kumar Subramanian said.

Through the joint venture, Noor Investment Group will be able to leverage Adventity's expertise in process management in the financial services sector, Hussain Al Qemzi, Group CEO of Noor Investment Group said. Adventity's activities include the provision of origination, processing and analytics services for the mortgage, credit card and airline and travel industry.

The use of customer analytics, particularly in financial services, has proved highly popular in Europe and the US, allowing companies to gain a better understanding of the customer. This is a discipline known as customer relationship management and it is anticipated that it will become more popular among financial services companies in the region.

"Based on our experience to date, we believe that there exists an opportunity to build a world class BPO company to service blue chip companies across the MENA region. This view is shared by Adventity and its board of directors, who view MENA as their primary growth market over the next several years," said Qemzi.

This joint venture marks the first major investment by Adventity in Dubai and will involve the establishment of a dedicated delivery centre in the region. The aim of the joint venture is to address the growing need for state of the art outsourcing solutions for the financial services industry.

The joint venture will also offer clients the ability to leverage Adventity's recruiting and training pool in India.

The aim is to target $15 million to $20 million of revenue in the first year of operation, said Subramanian and to grow the business to 1000 people in the region within five years.

The joint venture will also offer clients the ability to leverage Adventity's recruiting and training pool in India.

Subramanian also said: "Our partnership with Noor Investment Group further strengthens our strong position in the Middle East North Africa region. This region has been of prime importance to Adventity and our new relationship offers us an ideal opportunity to further our investments in the Middle East and bring significant value and solutions to our customers globally. We are delighted to have been chosen by Noor Investment Group as a partner for the Middle East."