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VFS Global Acquires Al Etimad Middle Eastern Operations from TasHeel
Wednesday 14 March 2018

14 March 2018 - Dubai, UAE-based outsourcing and technology services specialist VFS Global has signed a binding agreement to assume 100% of the Saudi Arabian-based Middle Eastern facility management company (FMC) Al Etimad from Saudi Arabian management company TasHeel Group, the company said.
Terms of the transaction were not disclosed. Subject to customary approval from the competition and regulatory authorities, the transaction is expected to complete later in 2018.
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.
VFS Global said taking ownership of Al Etimad will enable the company to accelerate the further development of the business and improve overall performance through greater integration.
To benefit from operational efficiencies and synergies with VFS Global, Al Etimad will be integrated in VFS Global's operations after completion of the transaction.
This will enable further development of services and solutions and improving the overall service to the missions served and the visa applicants in the five countries of Kingdom of Saudi Arabia, Egypt, Bahrain, Libya and Tunisia.
VFS Global operates in the outsourced visa services industry, serving 58 governments and with operations across 137 countries, as at 31 January 2018. VFS Global is part of the Swiss Kuoni Group, whose principal owner is EQT, a leading global investment firm, headquartered in Stockholm, Sweden.
EQT is firmly committed to the growth and development of VFS Global, which has 2,530 application centres, operations in 137 countries across five continents and over 163m applications processed as on 31 January 2018, VFS Global is a partner of 58 client governments. 
Al Etimad operates as a FMC partner for VFS Global. 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.
Date Published: 14/03/2018
Target: (FMC) Al Etimad
Country: Saudi Arabia
Sector: Construction/Real Estate
Type: Corporate acquisition
Status: Agreed
Vendor: TasHeel Group
Buyer: VFS Global
Terms of the deal were not disclosed