Prince Fahab bin Mansoor of Saudi Arabia has planned to invest 100 million dollars 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 aims to facilitate ease of doing business between the two countries.
Prince Fahd owns a Saudi tech company and co-founded ILSA Interactive. The company, with offices in Riyadh and Lahore, was founded in 2009 by Pakistani businessman Salman Nasir.
In addition, the company reflects the commitment of both Saudi and Pakistani leaders to strengthen their existing strategic partnership in all sectors.
Its main objective is to bring both countries on one platform. Establishing partnerships with universities, IT companies and large enterprises in Pakistan.
The event took place on Monday, March 6, with Prince Fahd’s primary goal of creating more than 1,000 jobs and launching 300 projects worth $100 million in Saudi Arabia, Pakistan and other countries.
However, a delegation of Saudi business leaders attended Futurefest 2023, which attracted prominent entrepreneurs, startups, policymakers and investors from around the world.
Additionally, he participates in keynote speeches, roundtable conferences, and discussions on various topics about the future of business and startups.
This joint venture is part of Saudi Arabia’s Vision 2030 strategic plan. The aim is to reduce the country’s dependence on oil. with state-of-the-art digital infrastructure to position it as a global investment powerhouse.
Achieving the target including establishing new cities. Saudi Arabia is believed to have accumulated around $500 billion.
“It is my honor to announce the launch of the Saudi-Pakistani Tech House today,” said Prince Fahd at the inauguration of the Saudi Arabian Tech House in Islamabad.
As a platform for increased cooperation and development, our project in Pakistan will catalyze this partnership.
Moreover, he also said that “the project adds a new level of cooperation and strengthens the long-standing strategic alliance of the two countries”.
Also, he disclosed his plans saying, “I would like to say again that we are looking forward to create more than 1000 jobs in Pakistan. We are looking at a minimum cost of 100 million dollars in the next five years. Expecting more than 300 projects.
However, he was delighted and expressed his confidence in Pakistan’s workforce and startups to forge an alliance that would fundamentally change the IT industries of both countries.
“I look forward to Pakistani businessmen and tech companies to further strengthen the relationship between our two countries,” he added.
According to Saudi Vision 2030, the country plans to have a Saudi tech house in every region from East to West.
Saudi Ambassador Nawaf bin Saeed Al-Maliki expressed his happiness to be a part of the inauguration ceremony of the Saudi-Pakistani Tech House.
Special Assistant to the Prime Minister for Youth Affairs Shaza Fatima Khawaja appreciated the initiative of the Saudi prince in modernizing the kingdom.