Saudi Vision 2030 holds
abundant opportunities for IT firms: Asif Peer
Asif Peer, the CEO of
Systems Limited, a prominent Pakistani tech company, has emphasized that Saudi
Arabia's economic diversification under Vision 2030 presents numerous
opportunities for information technology-based companies. The strategic
development framework of Vision 2030 aims to reduce the Kingdom's reliance on
oil and focuses on enhancing various public service sectors, including health,
education, infrastructure, recreation, and tourism.
Peer expressed that
Saudi Arabia serves as a significant market for players across all sectors,
especially the IT industry. Systems Limited, established in 1977, is Pakistan's
first IT company, boasting a market capitalization of Rs128 billion ($444 million)
and generating revenue of Rs20.64 billion ($69 million) in fiscal year 2022.
According to Peer,
Saudi conglomerates, corporate enterprises, and the public sector are heavily
investing in technology, creating substantial opportunities for businesses. He
stressed the importance of diversification and specialization as key factors
for capitalizing on these opportunities effectively.
Systems Limited
derives over 80 percent of its revenue from exporting services to various
countries in North America, Europe, the Middle East, and Africa, with less than
20 percent originating from the domestic market. The company already maintains
a significant presence in the UAE, Saudi Arabia, Qatar, Egypt, Singapore, South
Africa, Australia, and the Netherlands.
Peer believes that
Pakistani companies must be aware of the opportunities presented by Vision 2030
to fully benefit from them. He highlighted the significance of technology,
business and digital transformation, gender diversity, and infrastructure
development within the framework of Vision 2030. To capitalize on these
opportunities, Peer advises Pakistani companies to register with relevant
consulting partners and align themselves with upcoming projects.
In pursuit of
expansion, Systems Limited established Systems Arabia in Saudi Arabia last
year, securing sizable contracts in both Saudi Arabia and Bahrain. The company
aims to acquire customers in the public and private sectors, focusing on
technology, digitization, and AI.
To facilitate growth,
Systems Limited utilizes its center in Egypt, which not only serves as a market
but also as a supply center supporting GCC clients due to language and cultural
considerations. Leveraging Egypt as a springboard, the company eyes other
regional markets for potential acquisitions, seeking both organic and inorganic
growth opportunities.
Despite growth, Peer
pointed out that the company faces no significant challenges in the Middle
East. He expressed optimism about scaling and expanding the business,
highlighting robust training programs and competency development to support
their hypergrowth mode.
Source: Arab News
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