Outcomes of the visit to Saudi Arabia and the Sultanate of Oman: IT Park Uzbekistan strengthens partnerships with the region’s technology leaders

A delegation from IT Park Uzbekistan, headed by CEO Abdulakhad Kuchkarov, visited the Kingdom of Saudi Arabia and the Sultanate of Oman. This visit involved discussions with government entities and prominent technology firms that are keen on localizing their services in Uzbekistan, initiating joint projects, and fostering startups. A significant focus was placed on investment collaboration and the enhancement of IT service exports to the Middle Eastern market.

Elm Company: Exporting IT services and nurturing the startup ecosystem

During the Saudi Arabia visit, a meeting took place with Hakim Al-Rashid, CEO for International Business at Elm Company. The conversation revolved around collaborative projects, service exports, and the advancement of the startup ecosystem. Key topics included the digitalization of public services, partnerships with major integrators in Uzbekistan (such as UZINFOCOM), the registration of Elm as a member of IT Park to facilitate operations in the Uzbek market and service exports, as well as IT Park’s entry into the Saudi Arabian market and its support for Uzbek startups through incubation, mentorship, and investment.

Elm is a prominent Saudi IT firm that specializes in digital solutions, cybersecurity, data analytics, and e-Government services. The company collaborates with government agencies, is headquartered in Riyadh, and employs over 1,000 individuals.

RAM Systems: Uzbekistan as a prime location for outsourcing services

During the Saudi Arabia visit, IT Park Uzbekistan CEO Abdulakhad Kuchkarov engaged with Raed Marghlani, CEO of RAM Systems. The discussion centered on the plans to establish a RAM Systems representative office in Uzbekistan, particularly in the cities of Margilan and Kokand. By obtaining member status at IT Park, the company will gain access to tax incentives, infrastructure, and support in talent acquisition.

RAM Systems is a Saudi technology and engineering firm based in Riyadh. It offers digital consulting, engineering solutions, licensing, and training services. The company has a workforce of approximately 50 employees and serves clients across both the private and public sectors.

Saudi Technology Ventures: Investments in startups and a venture platform

Additionally, two meetings were conducted with representatives from the venture capital fund Saudi Technology Ventures (STV). The first meeting was with STV CEO Abdulrahman Tarabzouni, followed by a second meeting with Partner and COO Luca Barbi.

During the negotiations, the involved parties explored avenues for collaboration and establishing connections with other prominent venture capital funds, including Saudi Venture Capital (SVC). STV expressed its willingness to recommend IT Park to its partners and facilitate meetings with investors.

STV (Saudi Technology Ventures), founded in 2016 and based in Riyadh, invests in companies that are revolutionizing industries in the MENA region, including fintech, logistics, and e-commerce. STV is actively engaged in the implementation of Saudi Arabia’s national Vision 2030 strategy and plays a crucial role in advancing the Kingdom’s digital economy.

MISA: Joint initiatives

A key highlight of the visit was the discussions with representatives from the Ministry of Investment of Saudi Arabia (MISA) — Faisal Ba Abdullah, Head of International Relations, and Rakan Alwutayd, Strategic Adviser to the Minister.

The parties reached an agreement that MISA would support IT Park in forging connections with companies and organizations in Saudi Arabia. They also explored the development of the gaming and creative industries. MISA acknowledged the rapid growth and significant potential of the game development sector in Uzbekistan and expressed its readiness to assist in identifying partners and attracting investments in these fields.

MISA serves as the primary government entity responsible for attracting and facilitating foreign investment in the Kingdom. The Ministry plays a critical role in diversifying the economy and fostering partnerships with international organizations.

NEOM: Innovation exchange and launch of joint projects

IT Park Uzbekistan CEO Abdulakhad Kuchkarov also engaged with Wyatt Roy, Head of Innovation at NEOM. The parties discussed potential cooperation in developing the startup ecosystem, conducting joint acceleration programs, and implementing cutting-edge technologies.

They specifically examined opportunities for knowledge exchange between NEOM startups and IT Park members, as well as participation in international exhibitions such as GITEX, LEAP, and Web Summit. Furthermore, discussions included the possibility of establishing R&D teams and software development units in Uzbekistan, utilizing tax incentives and access to skilled talent.

NEOM is a $500 billion smart city and economic zone initiative in Saudi Arabia.

It operates solely on renewable energy and utilizes advanced technologies, focusing on areas such as artificial intelligence, robotics, biotechnology, and smart mobility. NEOM is a key initiative of the Vision 2030 strategy and is supported by Saudi Arabia's Public Investment Fund (PIF).

Xpence: Advancing fintech services and Uzbekistan’s export capabilities

During the visit, Abdulakhad Kuchkarov met with Zain Ansari, CCO of Xpence. They discussed the current collaboration and the potential for expanding the company’s operations in Uzbekistan.

Xpence intends to establish an office in Uzbekistan and begin operations once it secures member status that includes tax incentives and infrastructure access. The meeting explored plans to create an export-oriented model in Uzbekistan, hire and grow a local team to cater to international clients, and position the country as a regional fintech services hub. They also deliberated on possible joint initiatives and partnerships under the “Digital Uzbekistan” program. The company expressed its willingness to assist the operations of IT Park’s representative office in Saudi Arabia.

Xpence is a digital business banking platform aimed at startups, small and medium-sized enterprises, and freelancers in the MENA region. The company provides expense management solutions, corporate cards, and digital banking services, operating in the UAE, Saudi Arabia, Bahrain, and Uzbekistan.

Sadq Solutions: LegalTech and global market growth

IT Park Uzbekistan CEO Abdulakhad Kuchkarov also held a meeting with Abdullah Allahuo, Co-Founder and CEO of Sadq Solutions. The discussion centered on the company’s potential entry into the Central Asian market and its registration as an IT Park member.

IT Park suggested that Sadq Solutions establish an office in Uzbekistan to leverage tax incentives. The parties considered forming a team of developers and support specialists in the country to deliver LegalTech services to international clients. This strategy would allow the company to lower operating costs, attract skilled talent, and export services to the global market.

Sadq Solutions is a Saudi firm that specializes in creating intelligent solutions for the legal industry. It merges legal knowledge with technological innovation, providing digital tools for law firms, corporate clients, and individual users.

Rowad Business Holdings: Entry into the Uzbek Market

A meeting was held between Abdulakhad Kuchkarov and Dr. Sultan Al-Khuraiji, the Owner and CEO of Rowad Business Holdings. The discussion focused on plans to establish the company's operations in Uzbekistan to cater to the local market. Dr. Sultan conveyed his enthusiasm for business development within the country and his readiness to initiate operations in the near future.

Rowad Business Holdings is a Saudi investment firm that offers an integrated platform aimed at creating a conducive business environment and ensuring sustainable growth. The company emphasizes the introduction of innovations and the cultivation of long-term partnerships, utilizing a broad network of resources and experts to secure the success of its clients.

Ejaro: New Opportunities in the Car Rental Sector

Abdulakhad Kuchkarov met with Mohammed H. Khashoggi, the CEO of Ejaro. The discussion revolved around the potential for opening a branch in Uzbekistan to enhance the company's presence in the regional market and to introduce new services. Mohammed H. Khashoggi expressed his eagerness to collaborate with Uzbek partners.

Ejaro is the first licensed peer-to-peer (P2P) car rental platform in Saudi Arabia and the GCC region. The service links vehicle owners with renters, facilitating the monetization of idle cars. The platform guarantees transaction security and provides a seamless interaction process for users.

Ministry of Transport, Communications, and ICT of Oman: Prospects for Digital Cooperation

The IT Park Uzbekistan delegation met with representatives from the Ministry of Transport, Communications, and Information Technology of Oman. The parties shared insights on ongoing projects, discussed potential cooperation in digital technologies, and explored opportunities for collaborative initiatives.

The Ministry of Transport, Communications, and Information Technology of Oman serves as the primary government body responsible for the advancement of transport infrastructure, logistics, telecommunications, and the digital economy. It supervises projects aimed at modernizing roads, ports, and airports, as well as implementing innovations in the communications and IT sectors.

SME Authority: Support for Startups and Entrepreneurship

During the visit, the IT Park Uzbekistan delegation held a meeting with representatives of the SME Authority of Oman.

The conversations centered on support for startups, state measures for scaling businesses, as well as incubation and acceleration programs. The Omani representatives expressed their willingness to participate in collaborative efforts aimed at fostering entrepreneurship and technological startups.

The SME Authority is a governmental entity in Oman, founded in 2020, with the goal of enhancing small and medium-sized enterprises and crafts, thereby increasing their economic contribution. This organization actively bolsters the startup ecosystem by facilitating access to funding, training, mentorship, and government initiatives.

Oman Investment Bank: Investments in the technology sector

Abdulakhad Kuchkarov, the CEO of IT Park Uzbekistan, met with the leadership of Oman Investment Bank. Their discussions revolved around potential collaboration in the investment sector, particularly focusing on attracting investments into Uzbekistan’s technology landscape.

Oman Investment Bank, established in 2024, is the first specialized investment bank in Oman, entirely state-owned. It offers services in financing, asset management, and investment attraction for strategic projects, including those in technology and innovation.

Oman Data Park: Data centers and cloud solutions for Uzbekistan

Abdulakhad Kuchkarov, the CEO of IT Park Uzbekistan, conducted a meeting with the executives of Oman Data Park. The two parties explored the company’s interest in entering the Uzbek market and building data centers. Following their discussions, the IT Park delegation toured an operational data center, where the company demonstrated its infrastructure solutions and technical capabilities.

Oman Data Park, established in 2011, is a premier provider of data center and cloud services in Oman. It is a joint venture between Oman Telecommunications (Omantel) and 4Trust LLC, offering a comprehensive range of IT services, including cloud solutions, hosting, and data management.

The agreements made during the visit open new avenues for members of IT Park Uzbekistan, including access to Gulf markets, scaling their solutions, participation in international accelerators, and connections with strategic partners and investors. The establishment of representative offices for foreign companies in Uzbekistan enhances the nation’s status as a regional hub for digital technologies, fosters job creation, and attracts investment into the technology sector.

The trip to Saudi Arabia marked an important milestone in strengthening international collaboration, and its extension to other nations in the region is anticipated to produce new and encouraging agreements focused on enhancing Uzbekistan’s IT sector.