ISLAMABAD: Prime Minister Shehbaz Sharif said on Monday a team of the Qatar Investment Authority (QIA) will visit Pakistan this month to set up an information technology (IT) park in the South Asian country.
The statement came days after Sharif visited Qatar while seeking to bolster economic cooperation amid Pakistan’s efforts to boost foreign investment to stabilize its frail $350 billion economy.
Before arriving in Doha, Sharif attended the Future Investment Initiative in Riyadh, Saudi Arabia, where he discussed trade and investment with Saudi Crown Prince Mohammed bin Salman.
Speaking at a meeting of his cabinet, Sharif said a QIA team will visit Pakistan this month, while its chief of Asia-Pacific & Africa Investments, Faisal Bin Thani Al Thani, will also arrive in Islamabad by the end of this month.
“Qatar emir said the same thing. They also suggested setting up an IT park here [in Pakistan],” Sharif told his cabinet members in televised comments.
During his visit, Sharif led delegation-level talks with the Qatari emir before holding a separate meeting with him to discuss a wide array of issues.
“The leaders reviewed the entire spectrum of Pakistan-Qatar relations, exploring potential avenues for enhanced cooperation in trade, potential areas of investment, energy, and culture,” Sharif’s office said last week.
He also met a delegation of the Qatar Businessmen Association (QBA) and invited them to invest in Pakistan’s energy, infrastructure and technology sectors.
The developments came amid Pakistan’s attempts to increase trade and foreign investment after it narrowly escaped a default last year by securing a last-gasp $3 billion financial assistance package from the International Monetary Fund (IMF).
The South Asian country has since sought to promote closer economic ties with regional and international allies to bolster its fragile economy, which has been suffering from a prolonged macroeconomic crisis.
Qatar investment team due in Pakistan this month, PM Sharif says after Doha visit
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Qatar investment team due in Pakistan this month, PM Sharif says after Doha visit
- The statement comes days after Sharif visited Qatar seeking to bolster economic cooperation between both nations
- Before arriving in Doha, Sharif attended the Future Investment Initiative in Riyadh and met the Saudi Crown Prince
Saudi Wafi Energy signs agreement to supply lubricants to Hyundai vehicles in Pakistan
- Wafi Energy Pakistan says Shell Helix HX8 0W-20 AH lubricant specifically caters to Hyundai vehicles’ requirements
- Lubricant delivers comprehensive engine protection and enhanced fuel efficiency, says Wafi Energy Pakistan
ISLAMABAD: Saudi company Wafi Energy Pakistan Limited announced on Wednesday that it has inked an agreement with Hyundai’s official manufacturing partner to supply premium lubricants for the company’s vehicles in Pakistan.
Wafi Energy, an affiliate of the Asyad Group, became the majority shareholder of Shell Pakistan Limited (SPL) in November 2024 and now holds approximately 87.78 percent of the total issued share capital of SPL, one of the oldest multinationals in Pakistan. The SPL has a network of over 600 sites, countrywide storage facilities and a broad portfolio of global lubricant brands.
Hyundai Nishat Motors is a joint venture among three leading international businesses: The Nishat Group, the Japan-based Sojitz Corporation and Millat Tractors Ltd. Hyundai Nishat Motors manufactures, markets and distributes Hyundai’s product line in Pakistan.
“Wafi Energy Pakistan Limited and Hyundai Nishat Motors have signed a strategic agreement for the supply of Shell lubricants for Hyundai vehicles in Pakistan,” the Saudi company said in a press release.
The contract signing ceremony in Lahore marked the launch of Shell Helix HX8 0W-20 AH, the company said.
Wafi Energy Pakistan said the lubricant is specifically designed in line with Hyundai’s technical specifications. It delivers comprehensive engine protection, enhanced fuel efficiency and optimized performance suited to local driving conditions across Pakistan, the statement said.
“Shell Helix HX8 0W-20 AH is the second co-branded lubricant introduced under the Hyundai–Shell collaboration in Pakistan, further expanding the jointly developed product range,” Wafi Energy said.
“Through this collaboration, customers can confidently rely on authentic, OEM-approved lubricants that meet the highest standards of performance and reliability.”
Wafi Energy has two retail stations in Pakistan’s Karachi and Rawalpindi cities. It has also built a 730-foot plastic road outside its Karachi head office using 2.5 tons of waste lubricant bottles.
