In Pakistan, the Saudi prince launches a $100 million tech house to foster greater collaboration. Over 1,000 jobs will be created in Pakistan as a result of the project, according to Prince Fahad bin Mansour Al-Saud. Saudi Arabia’s initiative is a “game-changer” for the entire region says a spokesperson for Pakistani tech companies.
On Monday, Saudi Arabia’s Prince Fahad bin Mansour launched the Saudi Arabia-Pakistan Tech House. An initiative to create opportunities through partnerships with Pakistani IT companies.
As part of Vision 2030, the Saudi government plans to pivot away from oil dependence and develop Saudi Arabia into a global investment powerhouse with sophisticated digital infrastructure. To achieve its goals, including the development of new cities the Kingdom is estimated to have mobilized around $500 billion.
It was announced earlier this year that Prince Fahad was planning to set up a tech company to improve business relations between Saudi Arabia and Pakistan during Pakistan’s largest tech conference Future Fest.
A co-founder of ILSA Interactive, founded in 2009 by Pakistani entrepreneur Salman Nasir, who is based in Riyadh and Lahore. As a result of Pakistani and Saudi leaders’ determination to deepen an existing strategic relationship in all fields, the firm has been established.
Prince Fahad and Pakistani entrepreneur Salman Nasir co-founded ILSA Interactive in 2009, a company with offices in Riyadh and Lahore.
During the launching ceremony in Islamabad, Prince Fahad said “It is my honor to announce the launch of Saudi Pakistan Tech House.”
As a catalyst for this partnership, he said, “our venture in Pakistan will provide a platform for greater collaboration and growth”. As a result of the venture, Prince Fahad said Saudi Arabia and Pakistan would be able to strengthen their longstanding strategic partnership and cooperate more closely.
In the next five years, we expect to have more than 300 projects with a minimum cost of $100 million that will create more than 1,000 jobs in Pakistan, he said.
In his speech, he expressed confidence that Pakistan’s workforce and startups could form partnerships that would transform both countries’ IT industries.
In his words, he looks forward to Pakistan’s entrepreneurs and tech companies further boosting our bilateral relationship. In accordance with Saudi Arabia’s Vision 2030 set out under Crown Prince Muhammed bin Salman’s roadmap Saudi Arabia plans to build Saudi Tech Houses in every region from east to west.
Saudi Arabia’s ambassador to Pakistan, Nawaf bin Said Al-Malki, expressed his pleasure at participating in the opening ceremony of Saudi-Pakistan Tech House, which will enhance cooperation in the information technology field between the two countries.
To achieve Vision 2030 goals, the Saudi leadership has developed a huge digital transformation plan.
According to the ambassador, Saudi Arabia has developed a very strong and secure digital infrastructure, providing Pakistan and Saudi Arabia with a huge potential for cooperation.
In Pakistan, he intends to form partnerships with IT companies, universities, and large corporations.
According to the Saudi tech firm, the launching ceremony will take place in Islamabad on Monday, March 6.
According to Prince Fahad, his company plans to create more than 1,000 jobs in Pakistan, Saudi Arabia, and other countries and to undertake 300 projects worth $100 million.
Entrepreneurs, startups, policymakers, and investors from several countries attended Future Fest 2023.
Saudi business leaders also attended the event and participated in keynote address roundtable conferences and discussions on topics ranging from startups to the future of business.
Shaza Fatima, Pakistan’s Special Assistant to the Prime Minister on Youth Affairs praised the Saudi crown prince’s modernization efforts.
According to her, Pakistan is open to sharing its technology talent with Saudi Arabia and is open to any type of collaboration.
Approximately 70 percent of Pakistanis are under the age of 30 so it would be possible to tap into their resources according to Fatima.
The effort has been hailed as a big step and a tremendous opportunity for Pakistani talent, according to the Chief Executive Officer of IT Butler E-Services. According to the project, Pakistani programmers and developers will be employed, but Saudi Arabia will have a managerial preview.
“This initiative is considered a game changer for the entire region,” he said once the project achieves its initial key performance indicators.
Future Fest founder Arzish Azam said the conference aimed to connect Pakistani technology talent with the Kingdom. He said a similar event would be held soon in Riyadh.
Pakistani companies will be able to collaborate with Saudi Arabia through joint ventures says Azam.