Saudi Arabia Prince Fahab Bin Mansoor’ planned to invest $100 million in Pakistan’s tech industry. On Monday, he announced that the project aims to create opportunities through partnerships with Information Technology (IT) companies in Pakistan.
The initiative was first announced in January 2023, and the objective is to provide greater ease of doing business between the two countries.
Prince Fahad owns the Saudi tech company and co-founded ILSA interactive. A company with offices in Riyadh and Lahore founded in 2009 by Pakistani businessman Salman Nasir.
In addition, the company reflects the commitment of both Saudi and Pakistani leaders to strengthening their current strategic partnership in all spheres.
The main aim is to bring two countries on one platform. To forge partnerships with universities, IT companies, and extensive enterprises in Pakistan.
The ceremony took place on Monday, 6 March, in which Prince Fahad’s main aim is to create more than 1,000 jobs and undertake 300 projects valued at $100 million in Saudi Arabia, Pakistan and other countries.
However, a delegation of Saudi business leaders attended Future Fest 2023, which attracted prominent entrepreneurs, startups, policymakers and Investors from across the world.
Furthermore, they participate in keynote speeches, roundtable conferences, and discussions on various topics about the future of business and startups.
The joint venture is a part of Saudi Arabia’s vision 2030 strategic plan. Which aims to reduce the country’s reliance on oil. To position it as a global investment powerhouse with cutting-edge digital infrastructure.
To achieve the target, which includes establishing new cities. Saudi Arabia is thought to have mobilised about $500 billion.
At Saudi Arabia’s Tech House’s inauguration ceremony in Islamabad, Prince Fahad said, “Today it is my honour to announce the launch of the Saudi Pakistani Tech House”.
As a platform for increased collaboration and growth,” our venture in Pakistan will catalyst this partnership”.
Furthermore, he also added that “the project added a new level of cooperation and strengthened the two nation’s long-standing strategic alliance”.
In addition, he revealed his plans by saying, “I would like to reassert that we are looking forward to creating more than 1000 jobs in Pakistan. We are expecting to have more than 300 projects with a minimum cost of $100 million in the next five years”.
However, he felt happy and showed his faith in Pakistan’s workforce and startups to establish an alliance that would fundamentally alter the IT industries of both nations.
He added,” I look forward to further seeing Pakistani entrepreneurs and tech companies strengthen the relationship between our two countries”.
According to Saudi Vision 2030, the country intends to have a Saudi Tech House in every region, from east to west.
Nawaf Bin Said Al-Maliki, a Saudi ambassador, expressed his happiness at being a part of the Saudi-Pakistani Tech House opening ceremony.
Shaza Fatima Khuwaja, the special assistant to the prime minister for youth affairs, appreciated the Saudi Prince’s initiative in modernising the kingdom.
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