ISLAMABAD: A joint council of Saudi Arabia and Pakistani investors launched a private equity fund on Monday as part of the countries’ wider push to deepen two-way private sector trade and investment.
The Saudi-Pakistan Joint Business Council, formed by the governments of both countries, said the fund’s initial size is “multi-hundred million”, which is expected to expand based on opportunities across sectors.
Three-fourths of the fund will be invested in Pakistan, while the rest will be invested in Saudi Arabian projects, the council said in a statement.
The launch of the fund comes at a time when Islamabad and Riyadh are deepening longstanding ties, especially in defence, amid a few signs of a breakthrough in the months-long US-Iran conflict.
The development follows Pakistan’s renewed efforts to attract Saudi investment across key sectors of its economy.
During an August meeting with a high-level Saudi business delegation led by Prince Mansour bin Mohammad Al Saud, Prime Minister Shehbaz Sharif had expressed Islamabad’s desire to transform its economic relationship with Riyadh into a mutually beneficial strategic economic partnership.
At the meeting, the two sides discussed investment opportunities in agriculture, ports, highways, airport outsourcing, real estate, energy, power distribution and information technology.
