Dubai: Tanfeeth, the fully owned business process outsourcing (BPO) subsidiary of Emirates NBD, has plans to expand its business across the region and across a wide spectrum of businesses, said Chairman Abdullah Qasim.
The company yesterday launched its corporate identity and brand logo. "Initially we will outsource the back office function of the Emirates NBD group, but going forward we will offer whole spectrum of BPO services to both financial services and other businesses across the region," Qasim told reporters yesterday.
The company has 700 employees located in Dubai and intends to keep the whole business onshore. "Our business model is based on onshore outsourcing. By creating these new jobs we intend to support the local economy and the community consisting of both UAE nationals and expatriates," said CEO Suhail Bin Tarraf.
Currently, more than 20 per cent of Tanfeeth's employees are Emiratis and the remainder consists of 40 nationalities. The company intends to bring a strategic partner aboard, but said the partner will not have any equity participation and the company will remain a fully owned subsidiary of Emirates NBD.
Earlier this year Emirates NBD sold a 49 per cent stake in Network International, the card processing unit owned by the group.
Qasim, who is also chairman of Network International, said Tanfeeth's outsourcing business will not compete with Network International.
"In fact both these businesses are complementary in nature. Network is a payment solutions service provider, but Tanfeeth is a true BPO with service offerings ranging from end-to-end back office solutions to human resources solutions and call centres," he said.
Commenting on the plans of Network International, Qasim said the company with the help of its new private equity shareholder Abraaj Capital is exploring the options of expanding into more markets.
"We have an enthusiastic partner. Using their expertise we are planning to expand Network's business to new markets. However, we have no plans to further dilute our shareholding in Network International," he said.
Bin Taraf said in the international context Tanfeeth may not be the most cost competitive outsourcing firm operating in similar businesses, but will have clear unique advantages of doing business in the region in terms of local knowledge and closer interaction with its customers.
"The name "Tanfeeth" means "getting the job done" in Arabic," said Bin Taraf.
The company intends to break even in three to five years.