Pakistani businessmen Khalid Mahmood Raja and Khalid Chaudhry were sworn-in by Pakistani Ambassador Khan Hasham bin Saddique as president and chairman of the Riyadh-based Pakistan Investors Forum (PIF) respectively, at a ceremony here recently. The new PIF team also renewed their pledge to work tirelessly to strengthen trade and investment ties between Saudi Arabia and Pakistan.
Several other office bearers of the new PIF including Ghulam Safdar, vice president; Babar Shah, general secretary; Tanvir Mian, joint secretary; and Zahid Latif Sandhu, finance secretary also took oath of office.
Ambassador Saddique said: “There is need to increase Pakistani exports to Saudi Arabia, which amounts to a meagre $400 million annually.” This is insignificant keeping in view the two-day trade, which exceeds $2.5 billion annually, he added. In fact, Pakistan mainly imports oil and oil products from the Kingdom, which account for 90 percent of total imports from Saudi Arabia.
“The political and security relations between Riyadh and Islamabad are at a high strategic level, but our commercial relations are far below our expectations,” he added.
“The Pakistani economy is growing consistently and Pakistan’s GDP growth rate will be above 5.5 percent for 2017-2018 and 2018-2019 ... Pakistan continues with economic reforms and pursues policies that make the country compete better in global markets,” the ambassador said.
PIF President Raja said that the PIF works closely with the Saudi Arabian General Investment Authority (SAGIA) and the Pakistan Embassy. He called on the Pakistani government “to design and offer easy investment schemes for overseas Pakistanis.” Raja thanked the Riyadh-based “Knowledge Core” led by businessman Amir Shahzad.
Chairman Chaudhry said: “I am happy to be entrusted with this leadership position of the PIF that provides me with another avenue of continuing the work I have been promoting virtually all my life.” He said that “about 60 percent of the top 100 companies of the Kingdom have been headed and built by Pakistanis.”
Several appreciation trophies were also presented to leading investors, former PIF office bearers and promoters including Shahzad and Shamshad Siddiqui.
The Riyadh-based PIF is an association of Pakistani businessmen and investors. It has a total of about 400 registered members.
New PIF office bearers take oath of office
New PIF office bearers take oath of office
Sulaiman Al-Rajhi Endowment projects worth SR8bn launched in Makkah
Sulaiman Al-Rajhi Real Estate Company has announced the launch of several real estate projects belonging to the Sulaiman Al-Rajhi Endowment system in Makkah, with a total investment exceeding SR8 billion ($2.1 billion). These projects include commercial, residential, and hospitality developments, as well as strategic land plots, as part of the company’s commitment to supporting the Kingdom’s real estate sector and enhancing the quality of life in the holy city.
The announcement was made during a field tour by a delegation of high-level officials including Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites; Ihsan Bafakih, chairman of the board of directors of Sulaiman bin Abdulaziz Al-Rajhi Holding Company; Haitham Al-Fayez, chairman of Sulaiman Al-Rajhi Real Estate Company and CEO of Sulaiman Al-Rajhi Holding Company; Moath Al-Mukhudub, managing director and CEO of Sulaiman Al-Rajhi Real Estate Company; and Anas Mansour Abadi, CEO of real estate at Sulaiman Al-Rajhi Holding Company and representative of the Sulaiman Al-Rajhi Endowment, alongside members of the board of directors of both the holding and real estate companies and the executive team.
The tour included the launch of the Tilal Towers project, with an investment value of SR2 billion, featuring more than 2,500 hotel rooms, strengthening the hospitality sector in Makkah.
The delegation also visited the Tilal Village project, valued at SR2.8 billion. It is one of the prominent qualitative projects within the hospitality ecosystem in Makkah.
Furthermore, the visit covered the residential buildings within Tilal Village, comprising 828 units, with an investment of SR800 million. The delegation inspected the specialized hospital, medical complex housing, and the office and commercial plazas.
During the tour, a contract was signed for the Al-Rajhi Center project, valued at SR250 million, as part of a comprehensive rehabilitation plan.
The inspection also included the Al-Ukayshiyyah land, spanning 4 million square meters, and the Al-Ghazzawi project land, valued at SR250 million.
The tour concluded with prayers at the Aisha Al-Rajhi Mosque, the second-largest mosque in Makkah after the Grand Mosque, with a capacity for 50,000 worshippers.
This visit underscores the importance of these investments, which represent a clear direction toward enhancing the management of the endowment’s assets through diversification, redevelopment, and strategic expansion, in line with the development goals of the Makkah city and Saudi Vision 2030.
Sulaiman Al-Rajhi Real Estate, a subsidiary of Sulaiman bin Abdulaziz Al-Rajhi Holding Company, continues to provide innovative solutions to elevate the real estate sector to international standards.
