Saudi Vision 2030 can boost Pakistani IT firms

Arab News claimed that, following Saudi Arabia’s plan to modernize its economy under the mega-investment plan and Vision 2030 initiative, Riyadh is trying to establish new towns in the Kingdom that provide “great investment potential” to Pakistani industries particularly IT companies.

Ammara Masood, chief executive officer of National Data Consultant (NdcTech), stated, “The banking and financial sector in Saudi Arabia has been expanding rapidly, with numerous players launching their products, including traditional and digital banks, fintech companies, and payment service providers.”

The chief executive officer of a leading Pakistani digital banking implementation service provider stated that NdcTech, which was acquired by IT giant Systems Limited earlier this year, is also planning to expand in the Gulf sector, where it “anticipates a tremendous demand.”

Masood stated, “We are also expanding our banking activities in the UAE and other GCC nations.” In addition, other implementation partners operate in this region, making these markets extremely competitive.”

She said that to increase services exports in the following years, Pakistani IT firms are eager to explore opportunities in the Kingdom and other Gulf states.

Pakistan’s IT exports have increased after the coronavirus pandemic. During the fiscal year 2021-22, Pakistan’s IT and IT-enabled exports reached a new high of $2.6 billion, according to figures issued by the State Bank of Pakistan.

Vision 2030, a strategy framework, is an effort to wean Saudi Arabia off its reliance on oil and develop it as a worldwide investment powerhouse with an advanced digital infrastructure.

It is projected that the Kingdom has mobilized approximately $500 billion to realize its objectives, including building new cities.

NdcTech has worked with twelve banks and financial institutions in Saudi Arabia’s financial sector for many years. As a partner of Temenos, Geneva-based business software for banks specialist, it launched a digital financing solution for the Saudi Tourism Development Fund in October of 2017.