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Saudi Vision 2030 Presents Abundant Opportunities for IT Firms, Says Pakistani Tech Magnate

Date: August 02, 2023

In a recent interview with Arab News, Asif Peer, the CEO of Pakistani tech giant Systems Limited, highlighted the vast potential for information technology-based companies in Saudi Arabia under the ambitious Vision 2030. This strategic development framework aims to diversify the Kingdom’s economy and reduce its reliance on oil, focusing on sectors like health, education, infrastructure, recreation, and tourism.

Peer emphasized the significance of diversification and specialization as key factors for companies to harness the opportunities presented by Vision 2030. He acknowledged that Saudi Arabia is a massive market across all sectors, particularly in the IT industry, with extensive spending by corporate enterprises and the public sector, which includes numerous technology-driven initiatives.

Systems Limited, Pakistan’s first IT company established in 1977, has achieved remarkable success, generating over 80 percent of its revenue from exporting services to countries in North America, Europe, the Middle East, and Africa. With a market capitalization of Rs128 billion ($444 million) and revenue of Rs20.64 billion ($69 million) in fiscal year 2022, the company already has a strong presence in various international markets, including the UAE, Saudi Arabia, Qatar, Egypt, Singapore, South Africa, Australia, and the Netherlands.

To capitalize on the opportunities arising from Vision 2030, Peer urged Pakistani companies to stay informed about the diverse facets of the framework, including infrastructure development, technology implementation, digital transformation, and gender diversity initiatives. Being registered with major consulting partners and understanding the upcoming projects will enable companies to position themselves effectively for success.

To enhance its presence in Saudi Arabia, Systems Limited incorporated a subsidiary, Systems Arabia, last year, securing substantial contracts in the Kingdom and Bahrain. The company is currently focused on customer acquisition in both the public and private sectors, as Saudi Arabia’s momentum in technology, digitization, and AI opens up numerous growth prospects.

With Saudi Arabia’s Vision 2030 driving economic transformation, Pakistani IT firms like Systems Limited are poised to seize abundant opportunities and contribute to the Kingdom’s growth and development.

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