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ADESSO AG (FRA:ADN1) EQS-News: adesso opens subsidiary in the Gulf region / Project success in MENA region offers prospects in large growth market

Transparency directive : regulatory news

03/04/2024 10:32

EQS-News: adesso SE / Key word(s): Expansion
adesso opens subsidiary in the Gulf region / Project success in MENA region offers prospects in large growth market

03.04.2024 / 10:32 CET/CEST
The issuer is solely responsible for the content of this announcement.


adesso opens subsidiary in the Gulf region / Project success in MENA region offers prospects in large growth market

 

After winning a project with an international bank from Bahrain, adesso is taking the opportunity to open its first national subsidiary in the MENA region (Middle East/North Africa). With immediate effect, adesso Arabia Ltd. will provide its services to customers in the Gulf region from the Saudi Arabian capital Riyadh. In Riyadh, adesso is already working for the joint venture between a German insurance company and a Saudi bank and provides development services from its own global delivery centres. adesso's commitment on the Arabian Peninsula supports the company's international growth path and targets a booming market. At the same time, adesso strengthens its attraction as a partner for globally operating companies expanding into the MENA region. Dr Andreas Nolte, who is also Managing Director of adesso insurance solutions GmbH, is responsible for the new location in Riyadh and assumes a dual role as Managing Director. The new national subsidiary will initially focus on the core sectors of banking and insurance. In addition to the realisation of implementation and migration projects, adesso Arabia will in future develop customised software solutions together with local customers and project partners. 

Investment in a growth market and a rapidly changing region

The foundation of adesso Arabia is in line with adesso's internationalisation strategy of expanding organically via initial projects into markets that promise great growth potential. Due to the well-connected location of the head office on the Arabian Peninsula, the new adesso location in Riyadh plays a central role in establishing and developing customer relationships in the Gulf region. Dr Andreas Nolte explains: "The Middle East, and the Arabian Peninsula in particular, plays an important role in our internationalisation. Saudi Arabia is a market with double-digit growth rates and is investing heavily to drive forward digitalisation. Already today, 97 per cent of all administrative procedures can be completed digitally."

 

The MENA region is facing a huge transformation process with economic diversification efforts. In the medium term, the economy's dependence on the oil industry is to be reduced and a strong service sector established at the same time. Saudi Arabia in particular is a pioneer in the Middle East with its Vision 2030 reform project. The country's strategy of opening up to foreign donors and companies as well as the massive investments in key areas such as the education system, the financial sector, healthcare and renewable energies are favouring structural change. In addition, the state is actively promoting the development of SMEs and start-ups in order to create highly skilled jobs for the local population. This is linked to an increased demand for IT services and offers established digitalisation partners such as adesso attractive growth opportunities.


 

adesso Group

With more than 9,500 employees and annual sales of more than EUR 1.1 billion in 2023, adesso Group is one of the largest German IT service providers with outstanding growth opportunities. At its own locations in Germany, other locations in Europe and the first locations in Asia, as well as at numerous local customers adesso offers consulting and software development services for optimising core business processes. adesso also offers ready-to-use software products for standard applications. The development of an own, industry-specific product portfolio opens up additional growth and earnings opportunities and is another key element of the adesso strategy. In 2023 and 2020, adesso was awarded the title of the best employer of its size in Germany across all industries. After having already achieved first place among IT employers in 2016, 2018 and 2020, adesso was ranked first again in 2023.




Contact:
Martin Möllmann
Head of Investor Relations
Tel.: +49 231 7000-7000
E-Mail: ir@adesso.de


03.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: adesso SE
Adessoplatz 1
44269 Dortmund
Germany
Phone: +49 231 7000-7000
Fax: +49 231 7000-1000
E-mail: ir@adesso.de
Internet: www.adesso-group.de
ISIN: DE000A0Z23Q5
WKN: A0Z23Q
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange; London
EQS News ID: 1864643

 
End of News EQS News Service

1864643  03.04.2024 CET/CEST

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