Ascentium Expands into Middle East with Virtuzone Acquisition

Ascentium, a leading global business services platform based in Singapore, has strategically acquired Virtuzone, a top corporate service provider in the UAE, to advance its presence in the Middle East. This acquisition, supported by Hillhouse Investment, signals Ascentium's entry into the burgeoning Middle Eastern market, leveraging Virtuzone's local expertise and comprehensive service offerings. The expansion aligns with Ascentium's goal to capitalize on increasing foreign direct investment inflows into the UAE, which reached USD 30.6 billion in 2023, and the projected GDP growth of 3.9% for the Middle East by 2025. Ascentium's Group CEO, Lennard Yong, and Virtuzone's leadership expressed optimism about transformative growth opportunities. Virtuzone will benefit from Ascentium's resources to enhance its service portfolio and product offerings within the GCC region. Established in 2009, Virtuzone is known for facilitating company formation and providing corporate services to businesses and entrepreneurs across the UAE and is part of the Virtugroup. Ascentium's acquisition is part of a broader growth strategy to expand its business across strategic markets while reinforcing its commitment to delivering value to global clients.