In line with the Saudi Arabia’s plan to modernise its economy under the mega-investment plan and Vision 2030 programme, Riyadh is working to develop new cities in the Kingdom that offer “huge investment opportunities” for Pakistani companies especially IT companies, Arab News reported.
National Data Consultant (NdcTech) chief executive Ammara Masood said: “The banking and financial sector in KSA has been growing at an accelerated pace with numerous players launching their products including traditional and digital banks, fintech companies, and payment service providers.”
The chief executive of a top Pakistani digital banking implementation service provider added that NdcTech – which earlier this year was acquired by IT giant Systems Limited – is also planning to expand in the Gulf market, as it “foresees a great demand.”
Masood said: “We are also scaling up operations in the UAE and different GCC countries in the banking sector. These markets are highly competitive, with other implementation partners operating in the region.”
She further added in order to enhance the export of services in the coming years, Pakistani IT companies are also keen on exploring the opportunities emerging in the Kingdom and other Gulf countries.
The IT exports of Pakistan have been growing after the coronavirus pandemic. The country’s IT and IT-enabled exports hit their record high of $2.6 billion in the fiscal year 2021-22, according to data released by the State Bank of Pakistan.
Vision 2030 – a strategic framework – is an effort to pivot Saudi Arabia away from oil dependency and establish it as a global investment powerhouse with a sophisticated digital infrastructure. The Kingdom is estimated to have mobilised around $500 billion to achieve its goals, including the development of new cities.
NdcTech has been operating in Saudi Arabia’s financial sector for years, where it currently works with 12 banks and financial institutions. As a partner of Temenos, a Geneva-based company specializing in enterprise software for banks, with whom it launched a digital lending service for the Saudi Tourism Development Fund in October last year.