• The joint venture is a part of Saudi Arabia’s Vision 2030
• Saudi Arabia raised close to $500 billion to accomplish the objectives
• Prince Fahad had announced his ambitions to launch a tech house.

On Monday, Prince Fahad bin Mansour of Saudi Arabia inaugurated the $100 million Saudi Arabia-Pakistan Tech House, a project designed to creating opportunities through collaborations with Pakistani IT firms.

The joint venture is a component of Saudi Arabia’s Vision 2030 strategy plan, an initiative to transition Saudi Arabia off its reliance on oil and position it as a global investment powerhouse with a cutting-edge digital infrastructure. According to estimates, Saudi Arabia raised close to $500 billion to accomplish the objectives, which included the creation of new cities.

Earlier in 2023, during Pakistan’s largest digital convention, Future Fest, Prince Fahad had announced his ambitions to launch a tech house. He had stated that the tech house will be used to strengthen commercial ties between Saudi Arabia and Pakistan.

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The digital company will operate under ILSA Interactive, a business that Prince Fahad and Pakistani businessman Salman Nasir co-founded in 2009 and has offices in Riyadh and Lahore.

Addressing the launching ceremony in Islamabad, Prince Fahad said it was an honour for him to announce the launch of the Saudi Pakistan Tech House.

“Our venture in Pakistan will be a catalyst for this partnership to provide a platform for greater collaboration and growth,” he said adding that the venture was a new dimension for greater cooperation and strengthening the longstanding strategic relationship between the two countries.

“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 said.

He expressed faith in Pakistan’s workforce and startups to establish alliances that would fundamentally alter the IT industries of both nations.

“I look forward to seeing Pakistan’s entrepreneurs and tech companies to further boost the relationship between our two countries,” he said.

Prince Fahad said according to Saudi Arabia’s Vision 2030, outlined in the roadmap of Crown Prince Muhammed bin Salman, the country intends to establish a Saudi Tech House in every area, 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 inauguration ceremony, which would advance the two countries’ collaboration in the information technology sector.

Shaza Fatima Khawaja, the special assistant to the prime minister for youth affairs, welcomed the Saudi crown prince’s initiative in modernising the Kingdom.