MARI invests Rs10bn in new tech subsidiary

KARACHI: Mari Petroleum Company Limited (MARI), a leading Pakistani E&P company, has announced a significant investment of Rs10 billion (approximately $36 million) to establish a wholly-owned subsidiary focused on technology-driven ventures.

The investment was approved by the company’s Board of Directors during a meeting held on September 23, 2024. The new subsidiary will focus on data centres, cloud computing, artificial intelligence and other emerging technologies, including applications in the petroleum and mining sectors.

This marks MARI’s second major investment in the technology sector in recent months, following the approval of another subsidiary focused on cloud computing and AI in August. The company’s growing interest in technology aligns with Pakistan’s broader push to develop its IT sector, which has seen impressive growth in recent years.

In FY2023-24, IT and IT-enabled services (ITeS) exports reached a record high of $3.223 billion, a 24 per cent increase from the previous year. MARI’s investment in technology reflects the company’s confidence in the sector’s potential to contribute to Pakistan’s economic growth.