ISLAMABAD: Saudi Investment Minister Khalid bin Abdulaziz Al-Falih said on Friday Riyadh and Islamabad needed to enable private sector investments within existing government-to-government mechanisms like the Saudi-Pakistan Supreme Coordination Council (SPSCC) and Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector.
Islamabad and Riyadh signed an agreement to establish the SPSCC in 2021 to institutionalize and fast-track decision-making and implementation on political, security, economic and cultural areas of collaboration. The body aims to streamline bilateral cooperation between the two countries, particularly to remove hurdles in investment deals. Separately, Saudi Arabia’s Permanent Coordination Committee for the Development of the Contracting Sector was created in 2022 to work to upgrade the construction sector and tackle project delays and hurdles.
On Thursday, Pakistani Prime Minister Shehbaz Sharif and Al-Falih, who is on a three-day visit to Islamabad, oversaw the signing of over $2 billion in agreements and memorandums of understanding (MoUs) between Saudi and Pakistani businesses.
In comments televised on Pakistan’s state APP news agency on Friday, Al-Falih said Pakistan and Saudi Arabia needed to activate work under existing G2G frameworks such as the Permanent Coordination Committee, which is being led by Mohammad Bin Mazyad Al-Tuwaijri, a Saudi politician and minister-ranked adviser at the Royal Court, with Petroleum Minister Dr. Musadik Malik as his Pakistani counterpart.
“And he [Al-Tuwaijri] has elected to place the Pakistan portfolio within the Royal Court team because he wants to personally have his finger on the pulse of how we are managing [Pakistani investments],” Al-Falih said.
“Within the scope of the G2G, his excellency Al-Tuwaijri and his team have asked MISA [Ministry of Investment for Saudi Arabia] to take the lead on everything about investment, everything about channeling private sector funding, everything about risk mitigation, everything about investment protection, everything about privatization, everything about funding.
“Ultimately what we need to do is enable the private sector.”
The Saudi minister is in Pakistan with a delegation of over 130 businesspeople representing various sectors, including energy, mining, agriculture, tourism, construction, IT and industry. The visit comes as Islamabad seeks closer economic cooperation with friendly countries and regional allies, with the aim to attract foreign investment and shore up its $350 billion economy, beset by a prolonged economic crisis that has drained foreign exchange reserves and weakened the national currency.
Pakistan and Saudi Arabia in particular have been working closely in recent months to increase bilateral trade and investment, with Crown Prince Mohamed bin Salman reaffirming the Kingdom’s commitment earlier this year to expedite a $5 billion investment package for the South Asian country.
Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
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Riyadh calls for enabling private sector investments within existing G2G mechanisms with Pakistan
- Pakistan and Saudi businesses signed over $2 billion in agreements and memorandums of understanding this week
- The deals have been signed during a visit to Islamabad by Saudi Investment Minister Khalid bin Abdulaziz Al-Falih
Pakistan cricket chief courts investors at UK roadshow as T20 league eyes expansion
- Mohsin Naqvi says the board is investing in infrastructure and high-performance training centers for players
- PSL features six teams and is expected to expand to eight, with its next edition scheduled for April and May
ISLAMABAD: Pakistan Cricket Board (PCB) Chairman Mohsin Naqvi said on Monday the board was investing in cricket infrastructure and high-performance training centers as he aimed to attract investors from the United Kingdom to buy Pakistan Super League (PSL) teams.
The remarks came during a PSL roadshow at Lord’s Cricket Ground in London, which brought together investors, franchise representatives and league officials to showcase the league’s commitment to global expansion, strategic partnerships and world-class entertainment.
PSL is Pakistan’s premier T20 cricket league, featuring six city-based teams competing for the title each year. The tournament’s 11th edition is expected to take place in April and May next year.
PCB has announced plans to expand the league by adding two new franchises this year, increasing the total number of teams to eight. The board said in a statement earlier this year it had already received “significant interest” from potential ownership groups in the UK for the two new teams.
“So, I will tell one thing to the investors, that we are not spending only money on the infrastructure, but also on the high-performance centers,” Naqvi said while speaking to the participants.
He highlighted that the PCB had recently renovated the Qaddafi Stadium in Lahore while the renovation of the National Stadium in Karachi was halfway done.
“We are building a new stadium in Islamabad ... [which will be] one of the best stadiums in Pakistan,” he added. “We are targeting Abbottabad. We are taking over Muzaffarabad stadium [in Azad Kashmir] also.”
The PSL roadshow aims to offer investors and cricket lovers an immersive introduction to the league, its commercial ecosystem and the strategic vision driving its next phase of growth.
Within a span of 10 years, PSL has competed for viewership with some of the most prominent cricket leagues around the world, including the Indian Premier League, the Big Bash League, the Hundred, and the Caribbean Premier League, among others.
