Addax arranges US $20M capitalization for GCC business outsourcing services company

Through the transaction, an additional US $8million in capital was injected into the company by leading investors from Saudi Arabia and Kuwait. The new entity will be called MENA Business Services.

The capital injection will be used to finance the company's growth into new markets, including Saudi Arabia, Abu Dhabi, Dubai, Bahrain and Qatar, as well as enhance its infrastructure and technology platforms.

Omanline is a leading player in the field of medical transcription, call centres, and specialized training services. Established in Oman, Omanline initially worked with a major US corporation which created 150 employment placements.

MENA Business Services already has a host of high profile clients from the US, Saudi Arabia and Kuwait, in various sectors including medical, telecom and banking. Addax Investment Bank was responsible for structuring the deal and placing it with strategic investors.

Yousef Al-Essa, General Manager, Addax Investment Bank said, 'We are strong believers in the potential for companies like MENA Business Services and we are proud to support creative entrepreneurs in the region.'

'Outsourcing non-core activities has been a growing trend throughout the world and we are seeing it begin to take off in this region,' Al Essa added.

The lead investors in the capital increase were Hamoud Bin Tami Group from Saudi Arabia and Al Tanmiya Holding Company in Kuwait, each leading companies in their respective markets.

Ali bin Adam Al Hashimi, Chairman & CEO, Oman Line and MENA Business Services said, 'We are growing at a very fast pace and additional capital was required to finance this growth. We know that demand for outsourcing in the region is increasing rapidly and it is our hope that MENA will play a major role in creating employment opportunities in the GCC.

We will initially look to focus on training and development of entry-level staff in the GCC, especially females. We currently have several business contracts which require over 400 staff in total and expect this requirement to increase in the coming months,' he added.

MENA Business Services plans to go public in two years with demand for outsourcing services steadily increasing in the region. In the past, India and the Philippines have been major players in the industry. However, MENA Business Services is striving to establish the GCC as a hub for outsourcing, building on the region's first-class infrastructure and stability.

MENA Business Services will launch an initial 200 seat facility in Bahrain in May 2006. The company's headquarters will be established in Dubai's Outsourcing Zone in June 2006. The GCC head offices will feature ample office space with 250 seats.

'We look forward to generating healthy returns over the next couple of years as we expand our call centres, medical transcription services and specialised training.' Nick Dutt, CEO, MENA Business Services said.