On Monday, Prince Fahad bin Mansour of Saudi Arabia announced the launch of a $100 million initiative called the Saudi Arabia-Pakistan Tech House, aimed at fostering partnerships with information technology (IT) companies in Pakistan. The joint venture is a part of Saudi Arabia’s Vision 2030 strategic framework, which seeks to establish the country as a global investment powerhouse with a sophisticated digital infrastructure, thereby reducing its dependence on oil.
Prince Fahad had first shared his plans to create the tech house earlier this year at Pakistan’s largest tech conference, Future Fest, where he spoke of improving business relations between Saudi Arabia and Pakistan. The tech house will be established under ILSA Interactive, a company co-founded by Prince Fahad and Pakistani entrepreneur Salman Nasir in 2009, which has offices in Riyadh and Lahore.
During the launch ceremony in Islamabad, Prince Fahad expressed his hope that the venture would serve as a catalyst for greater collaboration and growth between Saudi Arabia and Pakistan. He also announced that the project aims to create over 1,000 jobs in Pakistan and expects to undertake more than 300 projects with a minimum cost of $100 million over the next five years.
The prince expressed confidence in Pakistan’s workforce and startups to form partnerships that would benefit both countries’ IT sectors. He further stated that Saudi Arabia plans to establish a Saudi Tech House in every region of the country, from east to west, as part of its Vision 2030 framework.
Saudi Ambassador Nawaf Bin Said Al-Maliki, speaking at the launch ceremony, praised the initiative as a means to further strengthen cooperation in the information technology field between Pakistan and Saudi Arabia. Shaza Fatima Khawaja, Special Assistant to the Prime Minister on Youth Affairs, also lauded the Saudi crowned prince.
Saudi Arabia-Pakistan Tech House initiative is a significant step towards enhancing collaboration between Saudi Arabia and Pakistan in the IT sector. The joint venture underlines Saudi Arabia’s commitment to diversifying its economy, reducing its dependence on oil, and establishing itself as a global investment powerhouse. Moreover, the initiative is expected to create job opportunities in Pakistan and boost its IT industry, which is essential for the country’s economic growth. The launch of the tech house is a positive development for both countries and could potentially lead to more collaborations and investments in the future.