KARACHI:
In a major development for the Pakistani information technology (IT) industry, Avanceon Saudi for Energy Company, a subsidiary of Avanceon Limited, has entered into a joint venture with ZOMCO (Zamil Operations and Maintenance), a subsidiary of the Zamil Group, based in Saudi Arabia.
The joint venture agreement is aimed at expanding the project execution footprint in the Kingdom of Saudi Arabia (KSA) and will be carried out through a newly formed limited liability company named Avanceon Arabia InfoTech WLL. This partnership is expected to bring together the expertise of both companies and revolutionise the IT industry in the region.
Speaking to The Express Tribune, Alpha Beta Core CEO, Khurram Schehzad said, “This joint venture is a positive development for Pakistan’s IT sector. KSA is becoming a progressive and dynamic economy, and it needs IT companies to achieve its ambitious targets outlined in its half a trillion-dollar plan called Vision 2030. The plan includes projects such as Neon city, which underscores the futuristic and innovative nature of KSA’s economy.”
According to ICT analyst at Topline Securities Nasheed Malik, the joint venture between Avanceon Saudi for Energy Company and ZOMCO will provide significant synergy to both companies. ZOMCO is a company that specialises in managing IT operations and maintenance in Saudi Arabia. After this collaboration, Avanceon Saudi for Energy Company will be providing hardware, management, and maintenance services to ZOMCO, while the overall management of the operation will remain with ZOMCO.
The news of Pakistani companies focusing on Saudi Arabia’s economy is encouraging and will have a positive impact on Pakistan’s local industry, said Schehzad. This joint venture will also create employment opportunities as these companies will hire their teams in Pakistan.
Given that KSA is a big and growing economy, this partnership is expected to have a spill-over effect on Pakistan’s economy, which has been struggling in recent times, he said. Overall, this is a significant development that could usher in a new era of growth and cooperation between Pakistan and KSA.
The company notified to the Pakistan Stock Exchange (PSX) that, “Riyadh, KSA – Avanceon Saudi for Energy Company, a 100% wholly owned subsidiary of Avanceon Limited, and ZOMCO (Zamil Operations and Maintenance), fully owned subsidiary of the Zamil Group, have entered into a Joint Venture Agreement to Expand Project Execution Footprint in KSA. The Joint Venture Agreement will be conducted through a newly formed liability company named Avanceon Arabia InfoTech WLL.”
This joint venture marks a significant milestone for Pakistan’s IT industry and its growing recognition on the global stage. The partnership between Avanceon Saudi for Energy Company and ZOMCO is expected to revolutionise the IT industry in Saudi Arabia and create a spill-over effect on Pakistan’s economy.
As KSA aims to achieve its ambitious targets outlined in its Vision 2030 plan, Pakistani IT companies have an opportunity to contribute to the Kingdom’s growth and development. This is an encouraging sign for Pakistan’s local industry and a positive development for the region.
Published in The Express Tribune, April 18th, 2023.
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