VFS Global and TasHeel Modern Support Services Co Ltd, a local partner of VFS Global, have been awarded a contract to provide in a Joint Venture (50:50) visa services for the Kingdom of Saudi Arabia. This contract is the first one awarded in a global tender by the Ministry of Foreign Affairs, Kingdom of Saudi Arabia, started in 2009.
Phased roll-out of operations will commence in December 2012 and will last up to 12 months. This joint venture is financially recognized according to the equity method. Kuoni’s share of the joint venture’s annual net profit is presented as part of operating earnings (EBIT).
VFS Global manages the non-judgmental, administrative part of the visa application process for 38 sovereign governments across 83 countries.