Saudi Vision 2030 offers ‘tons of opportunities’ for IT firms — Pakistani tech magnate

Saudi Vision 2030 offers ‘tons of opportunities’ for IT firms — Pakistani tech magnate

KARACHI: Saudi Arabia’s diversification of its economy under the Vision 2030 offers “tons of opportunities” for information technology-based companies, CEO of a Pakistani tech giant said on Tuesday, stressing on “diversification and specialization” as the key to benefit from these opportunities. 

Saudi Arabia is consolidating its economy on modern lines under the Vision 2030, which is a strategic development framework intended to cut the Kingdom’s reliance on oil. It is aimed at developing public service sectors in the Kingdom such as health, education, infrastructure, recreation and tourism. 

In an interview with Arab News, Pakistani IT magnate, Asif Peer, was a “big market” for players across all sectors, particularly the IT sector. Peer’s Systems Limited boast of being Pakistan’s first IT company, established in 1977, with a market capitalization of Rs128 billion ($444 million) and revenue generation of Rs20.64 billion ($69 million) in fiscal year 2022. 

“I would say the money that is being spend by the Saudi conglomerates, the corporate enterprises and most importantly the public sector, the government that is taking lot of initiatives, all is mostly toward technology,” Peer said. 

“If everybody is aware of what’s happening... there will be tons of opportunities for everyone,” he said, adding, “diversification and specialization is