Prince Fahad bin Mansour of Saudi Arabia unveiled the $100 million Saudi Arabia-Pakistan Tech House on Monday. The initiative aims to create opportunities through partnerships with Pakistani information technology (IT) firms.
The joint venture is part of the Saudi government’s Vision 2030 strategy framework, which aims to wean Saudi Arabia from its reliance on oil and build it as a worldwide investment powerhouse with an advanced digital infrastructure. Saudi Arabia is projected to have mobilised approximately $500 billion in order to realise its objectives, which include the building of new towns.
Earlier this year, during Pakistan’s largest technology convention, Future Fest, Prince Fahad announced his intentions to establish a technology company. He stated that the tech firm’s mission will be to strengthen business ties between Saudi Arabia and Pakistan.
Prince Fahad and Pakistani entrepreneur Salman Nasir co-founded ILSA Interactive in 2009, which has offices in Riyadh and Lahore. The tech house will be created under ILSA Interactive.
“It is my pleasure to announce the launch of the Saudi Pakistan Tech House today,” Prince Fahad remarked during the Islamabad launch ceremony.
“Our venture in Pakistan will serve as a catalyst for this partnership to provide a foundation for greater collaboration and expansion,” he said. He noted that the initiative offered a new dimension for increased cooperation and improving the countries’ longtime strategic relationship.
The prince continued, “I would like to reaffirm that we anticipate creating more than 1,000 jobs in Pakistan and more than 300 projects with a minimum cost of $100 million over the next five years.”
He was certain that Pakistan’s workforce and startups would develop collaborations that would revolutionise the IT industries in both nations.
He stated, “I look forward to meeting Pakistan’s entrepreneurs and tech companies in an effort to strengthen our bilateral relationship.” He added that Saudi Arabia intended to establish a Saudi Tech House in every region, from the east to the west, in accordance with Saudi Arabia’s Vision 2030 and Crown Prince Mohammed bin Salman’s road map.
In his remarks, Saudi Ambassador Nawaf Bin Said Al-Maliki expressed his delight at participating in the inaugural ceremony of Saudi-Pakistan Tech House, which will further boost collaboration between Pakistan and Saudi Arabia in the field of information technology.
Shaza Fatima Khawaja, special assistant to the prime minister for youth affairs, complimented the leadership of the Saudi crown prince in modernising the Kingdom.