Page 94 - SAMENA Trends - July-August 2022

REGIONAL & MEMBERS UPDATES SAMENA TRENDS

Saudi Vision 2030 Offers Huge Scope for Pakistani IT Sector: Report

In line with the Saudi Arabia’s plan to
modernize its economy under the mega-
investment plan and Vision 2030 program,
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 have been growing after the coronavirus around $500 billion to achieve its goals,
operations in the UAE and different GCC pandemic. The country’s IT and IT-enabled including the development of new cities.
countries in the banking sector. These exports hit their record high of $2.6 billion NdcTech has been operating in Saudi
markets are highly competitive, with other in the fiscal year 2021-22, according to data Arabia’s financial sector for years, where it
implementation partners operating in released by the State Bank of Pakistan. currently works with 12 banks and financial
the region.” She further added in order Vision 2030 – a strategic framework – institutions. As a partner of Temenos, a
to enhance the export of services in the is an effort to pivot Saudi Arabia away Geneva-based company specializing in
coming years, Pakistani IT companies are from oil dependency and establish it as enterprise software for banks, with whom
also keen on exploring the opportunities a global investment powerhouse with a it launched a digital lending service for
emerging in the Kingdom and other Gulf sophisticated digital infrastructure. The the Saudi Tourism Development Fund in
countries. The IT exports of Pakistan Kingdom is estimated to have mobilized October last year.

VEON Receives USD682m for Sale of Djezzy Stake

that the announcement represents the to serve Algeria with best-in-class services.
completion of a transaction disclosed I would like to thank to the team for their
on 1 July 2021, when the Amsterdam- hard work, and to the FNI for a successful
headquartered group exercised its put partnership. VEON will continue to focus
option to sell FNI its entire 45.57% stake on large-scale, emerging markets where we
in Djezzy (registered as Optimum Telecom can generate value with our digital operator
Algerie, owned via Omnium Telecom model.’ The company’s statement added:
Algerie), raising the Fund’s shareholding in ‘The cash received from this transaction
the cellco from 51% to 96.57%. VEON CEO further strengthens VEON Group’s liquidity
Kaan Terzioglu commented: ‘Today, we position. As of 4 August 2022, VEON
Multinational telecoms group VEON completed the sale of our share in Djezzy Group’s total cash and deposits have
announced on 5 August that it has received to our partner FNI, marking an important increased to USD3.1 billion, including
USD682 million following the sale of its step in our strategy of streamlining USD2.5 billion equivalent of USD- and EUR-
stake in Algerian mobile operator Djezzy VEON’s portfolio. Under the leadership of denominated cash and deposits held by the
to the Algerian government’s National Matthieu Galvani, the Djezzy team have headquarters in Amsterdam.’
Investment Fund (Fonds National built an exemplary telecommunications
d’Investissement, FNI). VEON confirmed operator, which will continue to contribute

94 JULY-AUGUST 2022