Investors Launch Fund to Boost Saudi-Pakistan Private Sector Trade Ties
A new private equity fund will send most of its money to Pakistan, as both countries work to grow business links.
Saudi and Pakistani – (Staff Reporter/Web Desk) – Saudi and Pakistani investors launch fund on Monday to bring the two countries closer in business. The Saudi-Pakistan Joint Business Council announced the private equity fund as part of a wider push to grow trade and investment between private companies.
The council was formed by the governments of both countries. It said the starting size of the fund is “multi-hundred million.” The size may grow as new chances appear in different sectors.
Most of the money will stay in Pakistan. The council said three-fourths of the fund will go to projects in Pakistan. The remaining part will be invested in Saudi Arabian projects.
The launch comes as Islamabad and Riyadh strengthen their old ties, especially in defence. It also comes amid a few signs of progress in the months-long US-Iran conflict.
Pakistan has also been working harder to attract Saudi money into key parts of its economy. In August, Prime Minister Shehbaz Sharif met a high-level Saudi business team led by Prince Mansour bin Mohammad Al Saud.
At that meeting, Sharif said Pakistan wants to turn its economic bond with Saudi Arabia into a strategic partnership that helps both sides.
The two sides talked about many areas for investment. These included agriculture, ports, highways, airport outsourcing, real estate, energy, power distribution and information technology.
The new fund is seen as a practical step in that direction. It gives private investors from both countries a shared way to put money into projects with real growth potential.
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