[🇵🇰] Pakistan Telecom and IT Industries

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Special Technology Zones: deal signed to build 36-storey skyscraper in Lahore​

Bilal Hussain
February 29, 2024

An agreement has taken place to build a 36-storey technology tower worth around $70 million in Lahore with the Special Technology Zones Authority (STZA), Business Recorder learnt on Thursday.

The CODE Science and Technology Park (CODE STP), a Pakistani privately managed technology zone company, signed the zone development agreement for their flagship project, ‘The Mark’.

The project would facilitate export oriented technology firms in services, research and development (R&D), and product markets, Hamza Saeed Orakzai, Chief Market Development Officer, STZA, said.

“Pakistan is quickly becoming a supply side market to the global technology sector due to availability of highly competitive technical labour at a fraction of the cost elsewhere,” Orakzai told Business Recorder.

He added that the investment size for the project is Rs20 billion (around $70 million) and it would be functional by 2026. When built, it would be the tallest technology tower in Johar Town, Lahore, he claimed.

“There are foreign and local technology companies that need big spaces with specialised ecosystems, for instance for a 1000 people which can’t be accommodated at present. This project will facilitate those companies and also enable local companies to scale,” Orakzai said.

The mega project would be able to accommodate up to 7000-8000 people to work in a single shift, according to STZA official.

Orakzai said the tower would be designed on the Middle East level, with a height of 530 feet and double height ground floor.

He stated that the companies that be allowed to operate from the facility would be as per the STZA’s notified 48 segments of technology sector including, but not limited to, R&D, IT and ITeS, Internet of Things (IoT), artificial intelligence, agri-tech, biotech, semiconductor, robotics, blockchain, and other emerging technology segments.

The 36-story skyscraper aspires to be a hub for tech enterprises, academia, and industry pioneers, benefiting from STZA’s fiscal and monetary incentives programme aimed at fostering a climate of innovation and economic growth in Pakistan.

The STZA, led by the Honorable Prime Minister of Pakistan as President of the Board of Governors, serves as the federal regulator for Special Technology Zones (STZs) throughout the country.

STZA’s core mandate is to license Special Technology Zones and technology companies in alignment with the Triple Helix Model of Innovation, providing a framework that intertwines academia, industry, and government to propel the knowledge and technology sectors forward.

In its effort to cultivate a thriving technology ecosystem, STZA extends comprehensive fiscal and monetary incentives for 10-years to both public and private enterprises, encouraging significant financial, technical and intellectual capital influx for knowledge ecosystem development in Pakistan.

The licensed zones are designated for exclusive use by technology firms, which, in turn, benefit from a decade of fiscal and monetary advantages.

“The establishment of The Mark is a testament to our commitment to supporting visionary projects that can redefine the technological landscape of Pakistan. We stand ready to provide our full support to CODE STP in this transformative endeavor,” Aamer Saleemi, another STZA official, said.

Akbar Shaukat, Board Member at CODE STP, termed the Zone Developer license from STZA to the project a “momentous step towards elevating Pakistan’s Tech sector to new heights”.

Reflecting on the potential impact of the project, Abid Hussain of CODE STP, stated, “The development of The Mark is more than just a construction endeavour; it’s about establishing a dynamic interface that melds private sector dynamism with government initiatives to ignite sustainable economic revitalisation.”

 

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[H3]PIF, STC to form region's biggest telecom tower firm[/H3]
Will set up new company with 30k towers valued at $6.7b with annual revenues of $1.3b

REUTERS
April 23, 2024

Saudi Arabia's sovereign wealth fund PIF has agreed to buy a 51% stake in Telecommunication Towers Company Ltd (TAWAL) from STC Group, paving the way for the creation of the region's largest telecom tower company, PIF and STC said on Monday.

Under the agreement, PIF and STC will combine TAWAL and Golden Lattice Investment Company (GLIC) to set up a newly-formed company with around 30,000 mobile tower sites and estimated annual revenues of around $1.3 billion, they said in a joint statement.

The combined new entity will be owned 54% by PIF and 43.1% by STC, while GLIC minority shareholders will own the remaining share capital. The deals, including the 51% stake sale for an expected cash consideration of 8.7 billion riyals ($2.32 billion) are expected to be completed in the second half of the year.

"The deal marks a milestone in the establishment of the biggest Tower company in the region with 30k towers valued at $6.7billion," Ziad Itani, head of TMT equity research coverage at Arqaam Capital, told Reuters in an emailed statement.

"STC is a clear beneficiary from the deal of as the sale price of Tawal" is bigger than five times its book value and five times its revenues, Itani said, adding that the cash inflows of 8.7 billion riyals will allow the company "to pursue additional M&A and investment opportunities".

STC CEO Olayan Mohammed Alwetaid told Reuters that the transaction was "a step forward in STC Group's expansion, growth, and recycling the return on investment."

Published in The Express Tribune, April 23rd, 2024.

 

[Ghazi52]

[H3]Huawei to train 300,000 Young Pakistanis in ICT skills[/H3]
By ShaGwadar Pro
Sep 8, 2024

ISLAMABAD - Chairman of the Prime Minister’s Youth Programme (PMYP), Rana Mashhood Ahmed Khan, visited the Huawei office on Saturday afternoon to discuss the modalities of an extensive training program aimed at equipping 300,000 young Pakistanis with advanced skills in Information and Communication Technology (ICT).

The meeting, which followed crucial technical discussions held on September 4th and 5th, marked a pivotal step in integrating Huawei’s advanced training resources into Pakistan’s educational framework.

The initiative guided by the directives of Prime Minister Mian Muhammad Shehbaz Sharif, seeks to enhance technical education by leveraging Huawei’s global expertise and cutting-edge training materials.

This strategic partnership is expected to substantially elevate the quality and reach of technical education throughout Pakistan, fostering skill development and innovation.

The National Vocational and Technical Training Commission (NAVTTC) will act as the implementation partner under the Prime Minister’s Youth Skill Development Programme.

The collaboration builds upon the foundation established during Prime Minister Shehbaz Sharif’s visit to Huawei’s office in China, underscoring the commitment to advancing Pakistan’s technical education landscape.

 

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Pakistan's IT exports

In August 2024, Pakistan's IT exports reached $298 million, reflecting a 27% increase year-over-year and a 4% rise month-over-month. This figure surpasses the 12-month average of $275 million.

According to Topline Securities, the significant year-over-year growth is attributed to an expanding global client base for IT companies, particularly in the GCC region.

Additionally, a recent relaxation in the permissible retention limit by the State Bank of Pakistan—raising it from 35% to 50% in Exporters’ Specialized Foreign Currency Accounts—along with the stability of the Pakistani Rupee, has encouraged IT exporters to repatriate a greater share of their profits.