‘Saudi companies express interest in investing Mangaluru Digital Economy Cluster’

Team Udayavani, Sep 16, 2023, 11:18 AM IST

Mangaluru: More than 25 Saudi Arabian companies have expressed interest in investing in the information technology sector at the Mangaluru Digital Economy Cluster under the Karnataka Digital Economy Mission (KDEM). More than 25 companies have signed letters of intent (LOI), said Mangaluru cluster’s Lead Industry Anchor Rohit Bhat on Friday.

Addressing a press conference, he said that fruitful discussions with potential investors took place during the roadshow held by KDEM on September 7 in Al-Khobar, Saudi Arabia. “Through the roadshow, we have invited businessmen and assured them of ease of doing business and sustainability,” he said.

More than 150 CXOs including CEOs of more than 35 companies participated in the roadshow. Along with KDEM, representatives of NASSCOM, CII Mangalore, TIE Mangalore, KCCI, and tech companies of Mangaluru were part of the delegation, he added.

Investment into the Mangaluru Cluster encompassing Dakshina Kannada, Udupi, Uttara Kannada, and Kodagu districts is expected to generate more than 1,000 jobs in the next 8 to 12 months. Companies from Saudi Arabia have shown interest in making Mangaluru a major hub for IT services, back-office operations, and engineering design services.