LTIMindtree opens regional headquarters in Saudi Arabia, stock up 1%

The opening of the headquarters is in line with the KSA government’s Regional Headquarters Program. By having headquarters in the capital city of Saudi Arabia, LTIMindtree believes it will be able to support, manage, and direct its strategic business initiatives in the region. It also falls within KSA’s wider vision for 2030, its strategy for development, growth, and economic diversification.

Debashis Chatterjee, chief executive officer and managing director of LTIMindtree said Saudi Arabia is a key market for the future of IT and the company aims to bring innovation to the country.

“We believe Saudi Arabia's ambitious Vision 2030 provides an ideal framework for us to leverage our extensive technology expertise and help empower the Kingdom’s talent and technological landscape. The opening of this office is a key milestone, enabling us to support, manage, and direct our business in the MENA region,” he said.

LTIMindtree recently announced it has expanded its strategic partnership with SAP, which is a provider of enterprise application software. The firm said the collaboration aims to tackle the unique challenges of complex manufacturing industries, offering streamlined solutions that enhance efficiency, reduce costs, and ensure seamless upgrades.

Last month, LTIMIndtree announced a collaboration with IBM to set up a global, joint Generative AI Center of Excellence (CoE) in India. LTIMindtree and IMB’s CoE will offer a comprehensive suite of services, combining LTIMindtree's data and machine learning model customisation and full-stack engineering with IBM watsonx technology which includes watsonx.ai, watsonx.data, and watsonx.governance, and AI assistants.

Shares of the company have declined by nearly 21% since the beginning of the year. The stock has gained over 1% in the last one year.