Information Technology (IT) services giant Wipro has relocated its Middle East regional headquarters from Al Khobar to Riyadh, Saudi Arabia, marking a strategic shift in its regional operations.
The Bengaluru-headquartered company has simultaneously appointed Mohamed Mousa as the new Managing Director for the Middle East region, who will operate from the newly established Riyadh headquarters, according to the report by India.com.
The move comes as part of Wipro’s expanded presence in Saudi Arabia, where it already maintains offices across Riyadh, Al Khobar, Jeddah, and Jubail. The company has entered into a Memorandum of Understanding with Prince Mohammad Bin Fahd University (PMU) to establish a Center of Excellence in Riyadh, focusing on academic training programmes for local talent in advanced technologies and providing hands-on experience through access to Wipro’s resources.
Major promoter stake shuffle
In a significant development, Wipro’s promoter entities executed a substantial stake swap worth Rs 4,675 crore. Azim Premji Trust divested 18.05 crore equity shares, representing a 1.72 per cent stake in the company, through open market transactions. The shares were acquired by fellow promoter group entities Prazim Traders and Zash Trader at an average price of Rs 258.99 per share.
This transaction followed an earlier move by Azim Premji Trust, which had offloaded 20.23 crore equity shares or 1.93 per cent stake in Wipro on Monday, June 9. Despite the large-scale trading activity, Wipro shares performed positively, closing 1.62 per cent higher at Rs 259 on the BSE and showing similar gains on the NSE at Rs 258.95 per share.
The establishment of the Center of Excellence represents Wipro’s commitment to developing local capabilities in Saudi Arabia’s technology sector, aligning with the kingdom’s Vision 2030 objectives for digital transformation and talent development.