Saudi Prince approves $100m investment for Tech House Islamabad

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ISLAMABAD: Saudi Arabia’s Prince Fahad bin Mansour, on Monday, launched a Saudi-Pakistan Tech House worth $100 million in Islamabad. 

The project is aimed at creating job opportunities through partnerships with information tech­nology (IT) companies in Pakistan. 

As per sources, the initiative was first announced in January at Future Fest 2023, the largest tech event in Pakistan. 

Moreover, the tech house hoped “to promote greater ease of doing business” between the two countries.

The collaboration between companies is a part of the Saudi government’s Vision 2030 plan, which aims to reduce the country’s reliance on oil and transform it into a leading investment hub with advanced digital infrastructure. 

Approximately $500 billion has been earmarked by Saudi Arabia to accomplish these objectives, which also involves the creation of new urban areas.

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