A Saudi prince launches a $100 million tech company in Pakistan

-tech company in Pakistan

1,000+ jobs in the IT sector:

It is estimated that Saudi Arabia’s Prince Fahad bin Mansour Alsaud will create more than 1,000 jobs in the IT sector in Pakistan over the next five years by building the $100 million Saudi-Pakistan Tech House (SPTH). The project has a total investment value of $100 million.

Saudi Arabia’s embassy in Islamabad organized the SPTH launch event with high-ranking officials, such as ambassador Nawaf bin Said Al-Malki, prominent CEOs from the IT sector, and other dignitaries in attendance.

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“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 was quoted as saying in his address.

It aims to increase business in the information technology sector in Pakistan and improve relations between the two countries in the sector. The project was announced at Future Fest 2023 in January.

In addition to having its headquarters in Riyadh, the SPTH will 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 said.

Entrepreneurship Vision is a non-governmental organization (NGO) founded by the Prince, which focuses on working with entrepreneurs and developing the entrepreneurial ecosystem. The Prince is the President of the Saudi G20 Young Entrepreneurs Alliance (YEA).

Saudi Arabia’s Vision 2030 as a Roadmap:

As part of his presentation, HRH Prince Fahad highlighted Saudi Arabia’s Vision 2030 as a roadmap developed by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, as well as 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.”

As part of Vision 2030, HRH Prince Fahad bin Mansour promised to develop partnerships with IT companies and big enterprises in Pakistan through 300+ projects.

It was his pleasure to invite Pakistan’s entrepreneurs, SMEs, and tech venture capital (VC) ecosystem to work with Saudi counterparts and further boost bilateral relations.

Saudi-Pakistan Tech House to be established by HRH Prince Fahad bin Mansour Alsaud

It was Nawaf bin Said Al-Malki’s speech, as Ambassador of Saudi Arabia, that the “launch of SPTH is a major step towards strengthening Saudi-Pakistan relations in the field of information technology, as well as the establishment of multiple platforms for future growth in line with the Kingdom’s Vision 2030.

According to the envoy, both countries’ private sectors will flourish as a result.

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