Daily Times

Mari Petroleum Company Limited (MARI), one of Pakistan’s largest E&P companies, is looking to step into the Information Technology (IT) sector with the formation of a subsidiary focusing on cloud computing and artificial intelligence (AI).

The E&P shared the development in its notice that accompanied its financial results to the Pakistan Stock Exchange (PSX) on Thursday. “The Board of Directors of the company has approved formation of a subsidiary with focus on Cloud Computing and AI,” it said. The IT sector has emerged among the potential areas of growth in the otherwise lackluster economy of Pakistan, with country’s information technology and IT-enabled services (ITeS) export remittances reaching an all-time high of $3.223 billion in the fiscal year 2023-24, a 24% growth as compared to $2.596 billion in 2022-23. news