Rapidev DMCC, a UAE based technology solutions provider will establish a Technology Park in Pakistan’s first Special Technology Zone (STZ) in Islamabad.

The Special Technology Zones Authority (STZA) and Rapidev DMCC signed a Memorandum of Understanding (MoU) in this regard.

According to the MoU, both the organizations will work together to achieve high-tech industrial growth, create job opportunities, upskill the youth, and attract Foreign Direct Investments (FDI) through development of a knowledge ecosystem driven by research, innovation and collaboration.

Amer Hashmi, Chairman STZA, stated that the Technology Park in the Islamabad STZ will encourage innovative solutions and provide futuristic entrepreneurship opportunities for the youth of Pakistan.

The STZA stressed that Special Technology Zones (STZs) have the potential to change the economic outlook of Pakistan by enhancing IT exports and encouraging technology and knowledge transfer from global technology hubs.

The 3 Pol (People, Purpose, Passion) Technology Park will be built at an investment of US$ 100 million, and will spread over an area of 650,000 sq. ft. The facilities offered to resident companies will include technology towers, R&D labs, production and manufacturing plants, certified testing centers, wellness facilities and a Center of Excellence.

The project is expected to create more than 5000 highly skilled jobs and generate over US$ 200 million of revenue in the coming few years.

The MoU with Rapidev DMCC on 3 Pol Technology Park is STZA’s second after the former MoU was signed with iEngineering Corporation.