In a landmark move that reshapes the business landscape of the Middle East, global business services platform Ascentium has announced its acquisition of Virtuzone, the UAE’s leading company formation specialist. This strategic acquisition, revealed on January 21, 2025, marks Ascentium’s decisive entry into the dynamic Middle Eastern market, positioning the company to capitalize on the region’s robust economic growth and rising foreign direct investment.
A Strategic Alliance in the Heart of the Gulf
Ascentium, backed by Hillhouse Investment and headquartered in Singapore, has been a dominant player in the Asia-Pacific region, serving over 20,000 clients across diverse industries. The acquisition of Virtuzone, along with its sister companies Taxready.ae, Next Generation Equity, and MAKTABI, signifies a major expansion of Ascentium’s global footprint into the Gulf Cooperation Council (GCC) region.
Lennard Yong, Founding Management and Group CEO of Ascentium, emphasized the strategic importance of this move:
“We are pleased to expand in the GCC through the acquisition of Virtuzone, and we welcome them to the Ascentium group. Their expertise and commitment to excellence will bolster our organisation and drive us towards our strategic goals. Virtuzone’s strong presence in the Middle East complements our existing capabilities, and together, we look forward to achieving new milestones and delivering exceptional value to our global clientele.”
Leveraging Local Expertise for Global Growth
Virtuzone, established in 2009, has been at the forefront of company formation in the UAE, facilitating the setup of businesses for over 80,000 entrepreneurs from 180 countries. This acquisition is poised to enhance Virtuzone’s service offerings while providing Ascentium with valuable local market knowledge and an established client base in the region.
George Hojeige, Group CEO of Virtuzone, expressed optimism about the future:
“We are excited to join the Ascentium family, where our shared values and vision will drive us towards even greater success. The opportunities ahead for Virtuzone within Ascentium are truly promising, especially in expanding our reach in the Asia-Pacific region. Ascentium’s global network and expertise will enrich our service offerings and allow us to deliver tailored solutions to our clients, further solidifying our position as a leader in the corporate solutions sector.”
Economic Implications for the UAE and Beyond
This acquisition comes at a time of significant economic growth in the UAE and the broader Middle East region. With foreign direct investment in the UAE reaching $30.6 billion in 2023 and a projected GDP growth of 3.9% in the Middle East for 2025, the merger of Ascentium and Virtuzone is strategically timed to capitalize on these favorable economic conditions.
The deal is expected to enhance cross-border business opportunities, providing Virtuzone’s clients with expanded access to global markets, including the Far East and Latin America. Simultaneously, it will allow Ascentium to tap into the UAE’s position as a hub for international businesses looking to expand into the GCC region.
As highlighted in a recent report on UAE’s tech boom, this acquisition aligns with the broader trend of digital transformation and technological advancement in the Arab world, potentially contributing to the projected $3.8 billion revenue surge in the UAE’s tech sector by 2025.
A New Era of Corporate Services in the Middle East
The integration of Ascentium and Virtuzone is set to create a powerhouse in corporate services, combining global reach with local expertise. This synergy is expected to drive innovation in areas such as digital platforms for company formation, compliance, and other corporate services, aligning with the UAE’s push for technological innovation.
As the Middle East continues to attract international investment and entrepreneurship, exemplified by recent developments such as a Saudi startup securing $30M for a revolutionary tech service, the Ascentium-Virtuzone alliance is well-positioned to support and facilitate this growth.
The acquisition of Virtuzone by Ascentium represents a significant milestone in the evolution of business services in the Middle East. As these two industry leaders combine their strengths, they are poised to set new standards in corporate solutions, driving economic growth and fostering international business connections across the GCC region and beyond.
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