Saudi and Pakistani Investors Launch New Fund
A joint council of investors from Saudi Arabia and Pakistan has launched a private equity fund. The launch took place on Monday. It is part of a wider plan to increase trade and investment between private businesses in both countries.
Fund Size and Where Money Will Go
The Saudi-Pakistan Joint Business Council said the fund’s initial size is “multi-hundred million”. The size is expected to grow based on opportunities across different sectors.
In a statement, the council said three-quarters of the fund will be invested in Pakistan. The rest will go to Saudi Arabian projects.
Close Cooperation Between Islamabad and Riyadh
Islamabad and Riyadh share strong bilateral cooperation. There are frequent high-level diplomatic exchanges between the two sides.
Chairman Meets Prime Minister
In August this year, the council’s chairman, Prince Mansour bin Mohammad Al Saud, visited Pakistan and met Prime Minister Muhammad Shehbaz Sharif. This was shared in a statement from the Prime Minister’s Office.
During the meeting, PM Shehbaz discussed ways to expand economic cooperation and investment between the two nations.
The Saudi side conveyed interest in investment opportunities in agriculture, ports, highways and airport outsourcing [and the] real estate sector, as well as in the energy, power distribution, and information technology sectors, the statement read.
Other Recent Deals Between the Two Countries
On August 7, Pakistan and Saudi Arabia, alongside Turkiye, signed a joint defence agreement. The agreement pledges to strengthen collective security, deepen defence cooperation, and promote peace and stability in the region and beyond.
Later that month, the two countries agreed to boost Pakistani agricultural and food exports to Saudi Arabia up to $3 billion.
Earlier in June, Pakistan invited Saudi investors to take part in building the Sukkur-Hyderabad Motorway (M6) and two other major highway projects. The motorway is expected to provide uninterrupted motorway connectivity from Karachi Port to Peshawar and onward to Gilgit.
Source: dawn