To accomplish its objectives, which include the creation of new cities, Saudi Arabia is thought to have mobilized about $500 billion.
The $100 million Saudi Arabia-Pakistan Tech House was introduced on Monday by Prince Fahad bin Mansour of Saudi Arabia. The project aims to foster opportunities through collaborations with Pakistani IT firms.
The joint venture is a component of the Saudi government’s Vision 2030 strategic plan, which aims to wean Saudi Arabia off its reliance on oil and position it as a global investment powerhouse with a cutting-edge digital infrastructure.
To accomplish its objectives, which include the creation of new cities, Saudi Arabia is thought to have mobilised about $500 billion.
Earlier this year, at Pakistan’s largest tech conference, Future Fest, Prince Fahad announced his plans to launch a tech house. He had stated that the tech house would be used to strengthen commercial ties between Saudi Arabia and Pakistan.
The tech company will operate under ILSA Interactive, a business that Prince Fahad and Pakistani businessman Salman Nasir co-founded in 2009 and that has offices in Riyadh and Lahore.
At the Saudi Pakistan Tech House’s inauguration ceremony in Islamabad, Prince Fahad said, “Today it is my honour to announce the launch of the Saudi Pakistan Tech House.
As a platform for increased collaboration and growth, “our venture in Pakistan will be a catalyst for this partnership,” he declared. He continued by saying that the project added a new level of cooperation and strengthened the two nations’ long-standing strategic alliance.
In addition, the prince stated, “I would like to reassert that we are looking forward to creating more than 1,000 jobs in Pakistan and are expecting to have more than 300 projects with a minimum cost of $100 million in the next five years.
He expressed faith in Pakistan’s workforce and startups to establish alliances that would fundamentally alter the IT industries of both nations.
He said: “I look forward to seeing Pakistani entrepreneurs and tech companies to further strengthen the relationship between our two countries. According to Saudi Arabia’s Vision 2030, outlined in the roadmap of Crown Prince Muhammed bin Salman, the country intends to have a Saudi Tech House in every region, from the east to the west.
Speaking on the occasion, Saudi Ambassador Nawaf Bin Said Al-Maliki expressed his happiness at being a part of the Saudi-Pakistan Tech House opening ceremony, which will further the two countries’ cooperation in the information technology sector.
Shaza Fatima Khawaja, the special assistant to the prime minister for youth affairs, praised the Saudi crown prince’s initiative in modernising the kingdom.