KARACHI: A Saudi business delegation on Thursday signed key two memorandums of understanding (MoUs) to strengthen investment in Karachi’s energy sector, as Riyadh seeks deeper economic engagement with Pakistan under its Vision 2030 initiative.
The delegation, led by Prince Mansour bin Mohammed bin Saad Al Saud, chairman of the Saudi-Pakistan Joint Business Council, finalized a share-sale agreement in KES Power Limited and a cooperation framework between K-Electric and Trident Energy Limited to explore new investment in Pakistan’s power and infrastructure markets.
“These agreements reflect growing international investor confidence in Pakistan’s energy market and a renewed commitment to enhancing power generation, transmission and distribution infrastructure in the country,” the Sindh administration said in a statement issued after the signing.
Sindh Chief Minister Syed Murad Ali Shah, who hosted the delegation at his official residence, said the province offered some of Pakistan’s richest energy and mineral resources along with major opportunities in food production, technology and housing.
“Karachi, the financial capital of Pakistan, contributes 30 percent of the national GDP,” he said. “Sindh has the country’s richest wind and solar corridors, particularly in Jhimpir and Gharo, with a potential of over 50,000 megawatts.”
He highlighted Sindh’s public-private partnership model and its $5 billion investable portfolio, emphasizing the government’s commitment to simplifying investment procedures and providing one-window facilitation for foreign investors.
Prince Mansour later said Saudi investors were also exploring opportunities in Pakistan’s energy, gas and mining sectors, as well as tourism and coastal development.
“We would like to take benefit from the beaches — you have the longest beach here in [Sindh] and also in Balochistan — but in Karachi the potential is very high,” he said.
He added that Saudi investors were evaluating Pakistan’s privatization plans, including ventures in ports, airports, education and health, and that the council was considering establishing an institute focused on information technology and emerging technologies to tap into local expertise.
“Our council is looking ... to be here in Pakistan,” he said. “Mainly, our priority is always going to be the food security.”
He maintained that the initiative to visit Pakistan was driven by Saudi leadership’s vision.
“Our leadership in Saudi Arabia has instructed us to be part of Pakistan’s economy,” he added.
The prince noted that his council was not new, with many Saudi businesses already working with local companies in Pakistan. However, he pointed out the idea was to work on the ground and strengthen partnerships that benefit both countries.
Both sides agreed to establish joint working groups in priority sectors to ensure targeted follow-up on investment projects and policy coordination.
