ISLAMABAD: Saudi businessmen are optimistic about successful collaborations in Pakistan, noting the country’s economic stability and enhanced regulatory framework as key factors that have made it an appealing investment destination. This optimism follows the signing of over two dozen agreements between companies from both nations.
The Kingdom’s Investment Minister, Khalid bin Abdulaziz Al-Falih, recently visited Pakistan for a three-day trip with a delegation of over 130 members, including representatives from Saudi companies specializing in energy, mining, agriculture, tourism, industry, and manpower.
During the visit, the delegation signed 27 agreements and memorandums of understanding worth more than $2 billion with various Pakistani companies.
“We observed significant changes in Pakistan’s business regulations, which have become much more flexible,” said Sultan Al-Mansour, chairman of All Care Medical Group, in an interview with Arab News. He highlighted Pakistan’s gradual move towards economic stability, making it a favorable investment spot.
In June 2023, Pakistan established the Special Investment Facilitation Council, a hybrid civil-military forum, to support foreign businesses, particularly those from Gulf countries.
Al-Mansour expressed hope for successful collaborations, mentioning that his company had signed two deals with Pakistani businesses involved in surgical instruments and the pharmaceutical industry. He also noted that a Pakistani partner would soon launch a factory in Saudi Arabia, leveraging Pakistan’s rich human resources and large market.
Mohammad Al-Madani, CEO of Classera, a leading e-learning ed-tech company, discussed their project eTaleem, aimed at transforming education in Pakistan through technology. The first phase of operations has already commenced in partnership with Pakistan Telecommunication Co. Ltd.
Mohammad Al-Hijji, chairman of Engineering Dimension Holding, emphasized the favorable investment climate in Pakistan, citing a planned 500-megawatt hybrid power project with Pakistani company Welt Konnect.
Ghassan Amodi, CEO of Asyad Holding Group, announced their acquisition of Shell operations in Pakistan as part of their regional expansion strategy.
Pakistan’s Petroleum Minister, Musadik Malik, highlighted the visit’s outcomes, including the potential upgradation of an old refinery and the ongoing study for a greenfield refinery project.
