VFS Global has agreed to take over 100 per cent of the Middle Eastern Facility Management Company (FMC) Al Etimad from TasHeel Group as per a binding agreement signed between both parties.
Al Etimad operates as an FMC partner for VFS Global in Saudi Arabia, Egypt, Bahrain, Libya and Tunisia. The company serves 25 diplomatic missions and operates more than 90 visa application centres across the five countries.
Al Etimad is since 2009 active in the visa outsourcing market and employs around 650 professionals. Al Etimad owns the travel concierge services company Vega, which is part of the transaction. The Al Etimad visa operations in Pakistan are not included in the acquisition.
To benefit from operational efficiencies and synergies with VFS Global, Al Etimad will be integrated into VFS Global's operations after completion of the transaction. This will enable further development of services and solutions and improve the overall service to the missions served and the visa applicants in the five countries.
VFS Global is a pioneer and market leader in the outsourced visa services industry, serving 58 governments and with operations across 137 countries, as at January 31, 2018.
Subject to customary approval from the competition and regulatory authorities, the transaction is expected to complete later in 2018.
Zubin Karkaria, CEO VFS Global Group, said: "We are very pleased to take over complete ownership of Al Etimad and Vega. It will enable us to accelerate the further development of the business and improve overall performance through greater integration. I would like to thank the TasHeel Group for partnering us in successfully managing the visa services operations in these five countries." - TradeArabia News Service
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