Mubasher: e& and Bespin Global concluded the establishment of a joint venture (JV) that aimed to secure public cloud-managed and professional services across the Middle East, Turkey, Africa, and Pakistan (METAP).

The ADX-listed company holds a 65% stake in the JV through its subsidiary e& enterprise, according to a bourse filing. Meanwhile, Bespin Global owns the remaining 35% equity.

Furthermore, e& invested a total of $60 million in Bespin Global to acquire a shareholding of nearly 10%.

The two entities penned a binding agreement to form the new entity called “Bespin Global MEA, an e& enterprise company” last December.

In the first quarter (Q1) of 2023, the net profits attributable to the equityholders of e& hit AED 2.18 billion, down 10.20% from AED 2.43 billion in Q1-22.