Three-fourths \u200bof the fund will be invested in \u200cPakistan, while the rest will be invested in Saudi Arabia
\n Islamabad
\nA joint council of Saudi Arabian and Pakistani \u200binvestors launched a private \u200cequity fund on Monday as part of the countries\u2019 wider push \u200bto deepen two-way private sector \u200btrade and investment.
\nThe Saudi-Pakistan Joint Business Council (SPJBC), formed by \u200bthe governments of both countries, said \u200bthe fund\u2019s initial size was \u201cmulti-hundred million\u201d, which was expected to expand based \u200bon opportunities across sectors. Three-fourths \u200bof the fund will be invested in \u200cPakistan, while the rest will be invested in Saudi Arabian projects, the council said in a \u200bstatement.
\nThe \u200blaunch of the fund comes at a time when \u200bIslamabad and Riyadh are \u200bdeepening longstanding ties, especially in defence, amid few signs of a breakthrough \u200bin the months-long US-Iran \u200bconflict.
\nEarlier in October, SPJBC Chairman Prince Mansour bin Mohammad Al Saud visited Pakistan, leading a high-level Saudi business delegation.
\nDuring the stay, Prince Mansour and his delegation met Pakistan\u2019s political leadership and engaged with senior officials, chambers of commerce, and leading business groups to explore ways to enhance bilateral trade and investment, the Foreign Office confirmed.
\nBefore that, in August, a high-level Saudi business delegation, led by the SPJBC chairman, called on Prime Minister Shehbaz Sharif at the PM House, according to a statement issued by the government.
\nSpeaking on the occasion, PM Shehbaz said Pakistan was keen to elevate its economic relationship with the Kingdom of Saudi Arabia into a mutually beneficial strategic economic partnership in line with the vision of Crown Prince and Prime Minister Mohammed bin Salman.<\/p>\n","protected":false},"excerpt":{"rendered":"
Three-fourths \u200bof the fund will be invested in \u200cPakistan, while the rest will be invested in Saudi Arabia Islamabad A joint council of Saudi Arabian and Pakistani \u200binvestors launched a private \u200cequity fund on Monday as part of the countries\u2019 wider push \u200bto deepen two-way private sector \u200btrade and investment. The Saudi-Pakistan Joint Business Council […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-576896","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n