ISLAMABAD: Private technology-based firms in Saudi Arabia were keenly interested in forging partnerships and investing in Pakistan’s information technology (IT) sector, particularly in system integration and the Internet of things (IoT), CEO of the Saudi Arabia-based Gissan Company LLC said on Sunday.
The statement comes months after Pakistan’s top 18 IT and telecom companies and 10 startups, working in the fields of artificial intelligence (AI), blockchain, crypto, robotics, 3D printing and other areas, took part in the annual LEAP tech conference in the Kingdom in February this year. These Pakistani tech-based firms and startups received an overwhelming response at the event, according to Pakistan’s mission in Riyadh.
During the four-day event, Pakistan’s Inbox Business Technologies (IBT) and Gissan signed a memorandum of understanding (MoU) for collaboration between the two companies. Under the MoU, IBT is providing support to the Saudi company in the fields of cybersecurity, artificial intelligence and robotics.
The Pakistani government this month also organized a seminar under the newly established Special Investment Facilitation Council (SIFC), where Pakistan Prime Minister Shehbaz Sharif said his country was aiming to attract over $20 billion investment in the Pakistani IT sector by focusing on Gulf states over the next five years.
“We are interested in investing in IT, system integration, and IoT initially, and for this we have already signed an MoU with a Pakistani company called Inbox and have explored some opportunities together in Saudi Arabia,” Gissan CEO Dr. Fahd A. Al-Damer told Arab News over the phone from Riyadh.
Gissan, which provides a wide range of defense and security solutions and services to clients through its international partners and associates, has worked in multiple sectors and the company’s solutions involved the use of IT, satellite technology and space imaging, according to its CEO, who recently attended an IT seminar and exhibition in Islamabad to expand collaborations after its partner IBT.
“We are ready to invest in the research and development of IT-related solutions with our partner,” he said. “We believe we can do more than just investing as we are interested in establishing a strategic partnership where we can share opportunities for both parties.”
Al-Damer said Saudi Arabia’s Vision 2030 included numerous mega-projects that enabled firms in the two brotherly countries to benefit from the opportunities. “Similarly, our networking efforts in the region will allow us to do business beyond just investing in Pakistan,” he said.
The driving reason for the Saudis to invest in Pakistan is the knowledge and talent available in the South Asian country, according to the Gissan CEO.
“We have a history of friendship and partnerships, especially in the defense business and we acknowledge the expertise of the Pakistani people in various sectors like aerospace, medicine and IT,” he said.
For a successful partnership, Al-Damer said, the element of trust was “crucial” and that the Pakistani people, being Muslims, valued it, making the business relationship smoother that also solved half of the difficulties of business relationships.
“We have seen the Pakistani government’s support and various institutions backing the startups here, which gives us confidence in our investment decision,” he said.
Al-Damer said after his first visit to Pakistan, he certainly planned to visit again to further collaborate with new partners and explore business growth opportunities.
“We look forward to discovering more about Pakistan’s potential in the IT sector and hope for fruitful and positive outcomes from our investments and partnerships in the country,” he added.
