VFS Global has agreed to take over 100 per cent ownership of its joint venture with the TasHeel Group – VFS TasHeel and Vasco, as per a binding agreement signed between both parties. As the outsourced visa services partner of the Ministry of Foreign Affairs, Kingdom of Saudi Arabia, VFS TasHeel manages Saudi Arabia visa application services across 30 countries since 2013. VFS TasHeel is currently a joint venture between the TasHeel Group and VFS Global.
The transaction will enable VFS TasHeel and Vasco to benefit from operational efficiencies and synergies with VFS Global in terms of further development of services and solutions, and improve the overall service it provides to the Ministry of Foreign Affairs (MoFA) and Saudi Arabia visa applicants around the world.
Subject to customary approval from the competition and regulatory authorities, the transaction is expected to complete later in 2018. There will be no change in the management core team or processes of VFS Tasheel and Vasco. The company will continue to fulfill all its obligations in accordance with its MoFA service contract.
Zubin Karkaria, CEO, VFS Global Group said, “We are pleased to take over complete ownership of VFS TasHeel and Vasco. It will enable us to accelerate the further development of the business and improve overall performance through greater synergies.”