ISLAMABAD – Saudi delegation led by Investment Minister Khalid Bin Abdul Aziz Al Falih called on Pakistan Prime Minister Shehbaz Sharif, today in Islamabad, and pledged to expand investment in mining, agriculture, and infrastructure.

The premier invited H.E Mr Falih to invest in the aviation sector, especially in the outsourcing of international airports in Pakistan. PM said Pakistan-Saudi Arabia ties are based on deep ties and were becoming stronger with each passing day.

PM Sharif emphasized the potential for greater collaboration in various sectors of mutual interest. He also expressed his appreciation for the leadership of King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman in fostering bilateral ties.

The key talks at the Pakistan-Saudi Business Forum comes also on table and PM noticed that dialogue between the two countries’ business communities has paved the way for new investments, reinforcing Saudi Arabia’s commitment to enhancing economic cooperation. He recalled his recent visits to Saudi Arabia and the meetings held with the Crown Prince, marking this visit as the third high-level Saudi delegation to Pakistan in just six months.

He also highlighted the successful signing of multiple Memorandums of Understanding (MoUs) earlier this year, demonstrating the deepening partnership. The Prime Minister pointed to the achievements of the Special Investment Facilitation Council (SIFC) in attracting foreign investment to Pakistan.

Reaffirming Pakistan’s commitment to Saudi Arabia’s sovereignty, he expressed readiness to strengthen defense ties, particularly in support of Saudi Arabia’s Vision 2030 initiative aimed at developing indigenous defense capabilities.

Furthermore, the Prime Minister acknowledged Saudi Arabia’s leadership within the Organization of Islamic Cooperation (OIC) on critical issues such as Palestine and Kashmir, while also emphasizing the important role of the Pakistani diaspora in economic development.

Minister Al-Falih reiterated Saudi Arabia’s commitment to expanding its investment portfolio in Pakistan, especially in mining, agriculture, food security, and infrastructure, stating that the signing of 27 MoUs today marks the beginning of a fruitful journey ahead.

Saudi minister, COAS discuss initiatives for bilateral cooperation

Federal Minister for Investment, Privatization and Communications, Abdul Aleem Khan, said here on Thursday that the institutional and policy reforms introduced by the incumbent government would further encourage more Saudi investor to invest in Pakistan.

“I am confident that with institutional and policy reforms, we have introduced, more Saudi investors will be encouraged to invest in Pakistan,” the federal minister said while addressing Pakistan-Saudi Arabia Business Forum.

He said, the business forum provides unique opportunity to build deeper commercial ties between the two brotherly countries and invited Saudi Businessmen to explore wide rage investment opportunities Pakistan has to offer.

He said, the government was fully committed to support and facilitate foreign investors in every sector, adding Pakistan and Saudi Arabia would further strengthen cooperation to promote mutual growth and prosperity.

He appreciated, the ongoing sessions of the forum, exchanges of visits and Saudi Arabia’s commitment towards strengthening economic engagements within Pakistan. He also thanked the leadership of Saudi Arabia for extending valuable support and assistance to Pakistan.

The minister expressed the hope that government and private sector delegates would have the opportunity to take forward some of these discussions held during this visit and congratulated teams of both sides for B2B Memorandum of Understandings (MoUs) and agreements they would be signing during this forum.

Meanwhile, Head of International Finance Cooperation (IFC) Saudi Arabia, Waleed Al Murshad and Head IFC Pakistan and Afghanistan, Zeeshan Sheikh gave detailed presentation on IFC, the global multilateral financial institution focused on entirely investment in private sector. On average it invests $55 billion across developing countries and had invested $2 billion in Pakistan last year.

Exim bank Saudi Arabia representative, Thamer A. Alshethri also gave presentation on the operations of the bank, which provides credit solutions to help private sector.—APP

ISLAMABAD – The Competition Commission of Pakistan (CCP) has approved the joint acquisition of Uch Power (Private) Limited and Uch-II Power (Private) Limited by Sapphire Fibres Limited (Acquirer 1) and Mindbridge (Private) Limited (Acquirer 2).

The acquisition, formalized through a Sale and Purchase Agreement with UPLHC-I Limited (Seller 1), UPLHC-II Limited (Seller 2), and International Power Uch Holdings B.V. (Seller 3), will transfer 100 percent of the shares of Uch Power I and Uch-II Power to the acquirers.

The total cost for the acquisition includes a significant investment for both Uch Power I and Uch Power II. Both Sapphire Fibres Limited and Mindbridge Private Limited will equally share ownership, holding a 50% stake in each of the power plants.

Sapphire Fibres, a publicly listed company, operates in textiles manufacturing and power generation through its subsidiary, Sapphire Electric Company. Mindbridge, a private IT services provider, will now enter the power generation sector with this acquisition.

Uch Power and Uch-II Power are active in Pakistan’s thermal power sector, with gas-powered plants. The acquisition will increase Sapphire Fibres’ market presence in thermal power generation, while Mindbridge will mark its entry into the power generation industry through the proposed transaction.

The CCP’s analysis has determined that the relevant product market for this transaction is ‘Thermal Power Generation – Independent Power Producer’ within Pakistan. The acquisition will not lead to market dominance by the Acquirers, ensuring continued competition in the sector.