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, led by CEO Abdulakhad Kuchkarov, conducted a visit to the Kingdom of Saudi Arabia and the Sultanate of Oman. The visit included meetings with government institutions and leading technology companies interested in localizing their services in Uzbekistan, launching joint projects, and supporting startups. Particular emphasis was places on matters of investment cooperation and the expansion of IT service exports to the Middle Eastern market.

Elm Company: Export of IT services and development of the startup ecosystem

During the visit to Saudi Arabia, a meeting was held with Hakim Al-Rashid, CEO for International Business at Elm Company. The discussion covered joint projects, service exports, and the development of the startup ecosystem. Topics included the digitalization of public services, cooperation with major integrators in Uzbekistan (including UZINFOCOM), registration of Elm as a member of IT Park to operate in the Uzbek market and export services, as well as IT Park’s entry into the Saudi Arabian market and support for Uzbek startups through incubation, mentorship, and investment.

Elm is a leading Saudi IT company specializing in digital solutions, cybersecurity, data analytics, and e-Gov services. The company cooperates with governmental bodies, has its headquarters in Riyadh, and employs over 1,000 people.

RAM Systems: Uzbekistan as an attractive destination for outsourcing services

As part of the visit to Saudi Arabia, IT Park Uzbekistan CEO Abdulakhad Kuchkarov met with Raed Marghlani, CEO of RAM Systems. The discussion focused on plans to open a RAM Systems representative office in Uzbekistan, specifically in the cities of Margilan and Kokand. Upon obtaining member status at IT Park, the company will benefit from tax incentives, infrastructure, and assistance in talent acquisition.

RAM Systems is a Saudi technology and engineering company headquartered in Riyadh. It provides digital consulting, engineering solutions, licensing, and training services. The company employs approximately 50 people, with a client base spanning both the private and public sectors.

Saudi Technology Ventures: Startup investments and a venture platform

Two meetings were also held with representatives of the venture capital fund Saudi Technology Ventures (STV). The first was with STV CEO Abdulrahman Tarabzouni, and the second with Partner and COO Luca Barbi.

During the negotiations, the parties discussed opportunities for cooperation and establishing contacts with other major venture capital funds, including Saudi Venture Capital (SVC). STV expressed its readiness to recommend IT Park to its partners and assist in rranging meetings with investors.

STV (Saudi Technology Ventures), established in 2016 and headquartered in Riyadh, invests in companies that are transforming industries in the MENA region — such as fintech, logistics, and e-commerce. STV is actively involved in implementing Saudi Arabia’s national Vision 2030 strategy and plays a significant role in developing the Kingdom’s digital economy.

MISA: Joint initiatives

One of the highlights of the visit was the negotiation with representatives of 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 agreed that MISA would assist IT Park in establishing connections with companies and organizations in Saudi Arabia. They also discussed the development of gaming and creative industries. MISA noted that the game development sector in Uzbekistan is experiencing rapid growth and holds significant potential, and expressed readiness to help in finding partners and attracting investment in these areas.

MISA is the central government body responsible for attracting and supporting foreign investment in the Kingdom. The Ministry plays a vital role in diversifying the economy and developing partnerships with international entities.

NEOM: Innovation exchange and launch of joint projects

IT Park Uzbekistan CEO Abdulakhad Kuchkarov also met with Wyatt Roy, Head of Innovation at NEOM. The parties discussed prospects for cooperation in developing the startup ecosystem, conducting joint acceleration programs, and implementing advanced technologies.

They specifically addressed opportunities for experience exchange between NEOM startups and IT Park members, as well as participation in international exhibitions such as GITEX, LEAP, and Web Summit. In addition, discussions touched on the potential of establishing R&D teams and software development units in Uzbekistan, leveraging tax incentives and access to qualified talent. 

NEOM is a $500 billion smart city and economic zone project in Saudi Arabia. It operates entirely on renewable energy and employs cutting-edge technologies, developing areas such as artificial intelligence, robotics, biotechnology, and smart mobility. NEOM is one of the flagship projects of the Vision 2030 strategy and is backed by the Public Investment Fund (PIF) of Saudi Arabia.

Xpence: Development of fintech services and Uzbekistan’s export potential

During the visit, Abdulakhad Kuchkarov held a meeting with Zain Ansari, CCO of Xpence. They discussed ongoing cooperation and further expansion of the company’s presence in Uzbekistan.

Xpence plans to open an office in Uzbekistan and commence operations after obtaining member status with tax incentives and access to infrastructure. The meeting addressed plans to establish an export-oriented model in Uzbekistan, recruit and expand a local team to serve international clients, and promote the country as a regional hub for fintech services. Potential joint initiatives and partnerships within the framework of the “Digital Uzbekistan” program were also considered. The company expressed readiness to support the operations of IT Park’s representative office in Saudi Arabia.

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

Sadq Solutions: LegalTech and international market expansion

IT Park Uzbekistan CEO Abdulakhad Kuchkarov also convened a meeting with Abdullah Allahuo, Co-Founder and CEO of Sadq Solutions. The meeting focused on the company’s prospects for entering the Central Asian market and registering as an IT Park member.

IT Park proposed that Sadq Solutions open an office in Uzbekistan and take advantage of tax incentives. The parties considered establishing a team of developers and support specialists in the country to provide LegalTech services to international clients. This approach would enable the company to reduce operating costs, attract qualifiedtalent, and export services to the global market.

Sadq Solutions is a Saudi company specializing in the development of intelligent solutions for the legal sector. It combines legal expertise with technological innovation, offering digital tools for law firms, corporate clients, and individual users.

Rowad Business Holdings: Entry into the Uzbek market

A meeting also took place between Abdulakhad Kuchkarov and Dr. Sultan Al-Khuraiji, Owner and CEO of Rowad Business Holdings. The parties discussed plans to establish the company’s presence in Uzbekistan to provide services to the local market. Dr. Sultan expressed interest in business development in the country and readiness to launch operations in the near future.

Rowad Business Holdings is a Saudi investment company providing an integrated platform for creating a favorable business environment and ensuring sustainable growth. The company focuses on introducing innovations and fostering long-term partnerships, leveraging an extensive network of resources and experts to ensure its clients’ success.

Ejaro: New opportunities in the car rental sector

Abdulakhad Kuchkarov held a meeting with Mohammed H. Khashoggi, CEO of Ejaro. The parties discussed the possibility of opening a branch in Uzbekistan to expand the company’s presence in the regional market and introduce new services. Mohammed H. Khashoggi expressed his interest in collaborating with Uzbek partners.

Ejaro is the first licensed P2P car rental platform in Saudi Arabia and the GCC region. The service connects vehicle owners with renters, enabling the monetization of unused cars. The platform ensures transaction security and a convenient interaction process between users.

Ministry of Transport, Communications, and ICT of Oman: prospects for digital cooperation

The IT Park Uzbekistan delegation met with representatives of the Ministry of Transport, Communications, and Information Technology of Oman. The parties exchanged information on current projects, discussed prospects for cooperation in digital technologies, and explored opportunities for joint initiatives.

The Ministry of Transport, Communications and Information Technology of Oman is the central government body responsible for the development of transport infrastructure, logistics, telecommunications, and the digital economy. It oversees projects aimed at modernizing roads, ports, and airports, as well as introducing innovations in the communications and IT sectors.

SME Authority: Support for startups and entrepreneurship

As part of the visit, the IT Park Uzbekistan delegation conducted a meeting with representatives of the SME Authority of Oman. The discussions focused on startup support, state assistance measures for scaling businesses, as well as incubation and acceleration programs. The Omani side confirmed its readiness to engage in joint initiatives to develop entrepreneurship and technological startups.

The SME Authority is a government body in Oman, established in 2020 to develop small and medium-sized enterprises and crafts, and to increase their contribution to the economy. The organization actively supports the startup ecosystem by providing access to financing, training, mentorship, and government programs.

Oman Investment Bank: Investments in the technology sector

The CEO of IT Park Uzbekistan, Abdulakhad Kuchkarov, met with the management of Oman Investment Bank. The discussions focused on prospects for collaboration in the investment sector, with particular attention to attracting investment into Uzbekistan’s technology sector.

Oman Investment Bank is the first specialized investment bank in Oman, fully owned by the state. Established in 2024, it provides services in financing, asset management, and attracting investment into strategic projects, including those in technology and innovation.

Oman Data Park: Data centers and cloud solutions for Uzbekistan

The CEO of IT Park Uzbekistan, Abdulakhad Kuchkarov, held a meeting with the leadership of Oman Data Park. The parties discussed the company’s interest in entering the Uzbek market and constructing data centers. Following the negotiations, the IT Park delegation visited an operational data center, where the company showcased its infrastructure solutions and technical capabilities.

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

The agreements reached during the visit provide new opportunities for IT Park Uzbekistan member — access to Gulf markets, scaling their solutions, participation in international accelerators, and access to strategic partners and investors. The establishment of representative offices of foreign companies in Uzbekistan strengthens the country’s position as a regional hub for digital technologies, contributes to job creation, and attracts investment into the technology sector. 

The visit to Saudi Arabia represented a significant milestone in reinforcing international cooperation, and its continuation in other countries of the region is expected to yield new and promising agreements aimed at advancing Uzbekistan’s IT sector.