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

A press release on Wednesday said the project aims to promote greater business in the IT sector in Pakistan and enhance its relationship between the two countries.

The SPTH launch event was organised by the Saudi Embassy in Islamabad with Ambassador of the Kingdom of Saudi Arabia Nawaf bin Said Al-Malki as chief guest.

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

The 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, the prince said.

Published in Dawn, March 9th, 2023

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Rushed legislation
Updated 06 Nov, 2024

Rushed legislation

For all its stress on "supremacy of parliament", the ruling coalition has wasted no opportunity to reiterate where its allegiances truly lie.
Jail reform policy
06 Nov, 2024

Jail reform policy

THE state is making a fresh attempt to improve conditions in Pakistan’s penitentiaries by developing a national...
BISP overhaul
06 Nov, 2024

BISP overhaul

IT has emerged that the spouses of over 28,500 Sindh government employees have been illicitly benefiting from BISP....
Smog hazard
Updated 05 Nov, 2024

Smog hazard

The catastrophe unfolding in Lahore is a product of authorities’ repeated failure to recognise environmental impact of rapid urbanisation.
Monetary policy
05 Nov, 2024

Monetary policy

IN an aggressive move, the State Bank on Monday reduced its key policy rate by a hefty 250bps to 15pc. This is the...
Cultural power
05 Nov, 2024

Cultural power

AS vital modes of communication, art and culture have the power to overcome social and international barriers....