Lahore: Saudi Arabia’s Prince Fahad Bin Mansour has launched a USD 100 million Saudi Arabia-Pakistan Tech House to create opportunities through partnerships with information technology (IT) companies in Pakistan, news sources reported on March 6.
The tech house will be established under ILSA Interactive, a company co-founded by Prince Fahad and Pakistani entrepreneur Salman Nasir in 2009 and has offices in Riyadh and Lahore. The joint venture is part of the strategic framework of Saudi Arabia’s Vision 2030 – which aims to establish the country as a global investment powerhouse with a sophisticated digital infrastructure. The prince expressed confidence in Pakistan’s workforce and startups to form partnerships that would prove to be game-changers for both countries’ IT sectors. He said that the project is expected to create over 1,000 jobs in Pakistan and that he expects to have more than 300 projects with a minimum cost of USD 100 million in the next five years.
It is important to note that the government has launched several IT parks in various cities, including the establishment of the Special Technology Zone Authority (STZA) for the regulation of new IT startups. In addition, the government has also offered tax holidays and special duty incentives on the import of equipment
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
