Noor forms venture with Adventity

Dubai: Noor Investment Group, the parent company of Noor Islamic bank, on Tuesday announced a joint venture with Adventity BPO India Pvt Ltd, an Indian business process outsourcing firm, to set up a business process outsourcing (BPO) facility in Dubai Outsource Zone.

The 50:50 joint venture with a seed capital of Dh50 million will focus on the booming financial services outsourcing business in the Middle East and North Africa region.

The new company will offer BPO services including transaction processing, knowledge process outsourcing and call centre management.

"While offering cost savings is part of the objective of this new venture, we plan to offer end-to-end solutions to banks and financial institutions in their business processes so that these institutions can economically utilise their man power resources for their core operations," said Hussain Al Qemzi, Group Chief Executive of Noor Islamic Bank.

Knowledge base

Adventity, which has operations across the world with more than 4,000 personnel, plans to employ 1,000 professionals in their new joint venture based in DOZ during the next five years.

While Noor Islamic Bank and other new ventures from the Noor Investment Group will utilise the BPO services from the new joint venture entity, Adventity already has signed up more than 12 clients in the region.

"We have the capability to offer process management in financial services sector including assets and liabilities management, card products, insurance, fund administration, customer relationship management, settlement, advisory services, research and analytics," said Kumar Subramanian, chief executive officer of Adventity.

The new venture intends to build regional knowledge base through its Dubai Outsource Zone operations.

"The whole idea behind this new project is create locally based expertise and outsourcing capabilities rather than offshoring every bit of business we generate in this region. We intend to limit offshoring only those business which have clear and long term cost advantages," said Subramanian.

Adventity, which is ranked among the top 25 best managed global outsourcing companies by the 2007 Black Book of Outsourcing said its Dubai venture would become the dedicated delivery centre for its other Middle East operations.