Science & Technology

Prince Fahad launches Saudi Pak Tech House with $100 Million investment plans

HRH Prince Fahad bin Mansour Alsaud formally launched the Saudi-Pakistan Tech House (SPTH) in Pakistan on Monday with the aim of creating more than 1,000 jobs at a total project value of $100M in the IT sector over the next five years.

 

The SPTH launch event was organized by the Saudi Embassy in Islamabad with Ms. Shaza Fatima Khawaja, SAPM to Prime Minister on Youth Affairs, as Guest of Honour and His Excellency Nawaf bin Said Al-Malki, Ambassador of the Kingdom of Saudi Arabia,  as a chief guest. High-ranking Pakistani officials, prominent CEOs from the IT sector, and other dignitaries attended.

 

“I believe that with such a huge IT infrastructure, talent, and start-ups in Pakistan, both private sectors can forge partnerships that can be the game changer in the IT sector for both countries,” HRH Prince Fahad bin Mansour said in his address.

 

The Prince is the  President of the Saudi G20 Young Entrepreneurs Alliance (YEA) and the Founder of Entrepreneurship Vision, a non-governmental organization (NGO) focusing on working with entrepreneurs and supporting the development of the entrepreneurial ecosystem.

 

The project, announced earlier by HRH Prince Fahad bin Mansour at Future Fest 2023, the largest tech event in Pakistan, aims to promote greater business in the information technology sector in Pakistan and enhance the IT sector relationship between the two countries.

 

The Saudi-Pakistan Tech House will be headquartered in the Saudi capital Riyadh and have its first branch in Lahore. The project is “part of Saudi  Arabia’s Vision 2030, which has taken Saudi Arabia’s relations with Pakistan as high as the sky,” HRH Prince Fahad told a jam-packed gathering at the grand SPTH launch ceremony held at the Marriot, Islamabad.

 

HRH Prince Fahad highlighted the Kingdom’s Vision 2030 as a roadmap  to Saudi Arabia under the leadership of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz and drawn up by HRH Crown Prince Muhammad Bin Salman, which has “opened Saudi Arabia to the world, built and launched platforms for future growth, and significantly improved citizens’ quality of life.”

 

Vision 2030 is deepening the existing strategic relationship in all fields, HRH Prince Fahad bin Mansour said, promising to forge partnerships with IT companies and big enterprises in Pakistan through 300+ projects having a total project value of $100 million, for creating more than 1,000+ jobs in Pakistan, Saudi Arabia and globally.

 

HRH Prince Fahad bin Mansour welcomed Pakistan’s entrepreneurs, SMEs, and its tech venture capital (VC) ecosystem to work with their Saudi counterparts and further boost the relationship between the two countries.

 

Ms. Shaza Fatima Khawaja, SAPM to Prime Minister on Youth Affairs, the Guest of Honour, said she believed in “technology-led empowerment” and stood “firmly by the idea of economic and social revolution for youth through the same.” She thanked HRH Fahad Bin Mansour for his investment in the tech sector in Pakistan and the Government of the Kingdom of Saudi Arabia for being long-standing friends of Pakistan

 

His Excellency Nawaf bin Said Al-Malki, Ambassador of the Kingdom of Saudi Arabia said in his speech that the “launching (of SPTH)  is a major step to strengthen Saudi-Pakistan relations in the field of Information Technology and will lead to strengthening investment partnerships and launching of multiple platforms for future growth in line with the Kingdom’s Vision 2030,”

 

Noting the presence of young talent and the huge potential in IT for the Saudi and Pakistani private sectors, the Ambassador said he believed that the private sector in both countries would flourish as a result.

 

Arzish Azam, Founder of Future Fest,  presented a keynote address on ‘Pakistan’s Future with Saudi Arabia’, stating, “Technology is a key pillar of Saudi Arabia’s Vision 2023 and this is where Pakistan can play a crucial role.”

 

Saudi Ambassador Almalki hosted a dinner at his residence in honor of HRH Prince Fahad bin Mansour, in Islamabad. The Prince also visited Lahore where he met with senior executives of giant IT companies.

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