ISLAMABAD: Overseas Pakistani businessmen in Saudi Arabia expressed interest in investing in the tourism, agriculture, food processing and trading sectors of their country of origin on Sunday, as they arrived in Islamabad to attend the inaugural Overseas Pakistanis Convention.
Nearly 20 Pakistan-origin businessmen from the Kingdom are participating in the program that kicked off today and will conclude on April 15.
Organized by the Ministry of Overseas Pakistanis, the convention aims to recognize the contributions of expatriates to the national economy and address their concerns.
The government has accorded state guest status to all the attendees, with special arrangements made to welcome them at airports.
“We have keen interest in investing in Pakistan’s tourism infrastructure, including hotel development and facility upgrades, as well as in value-added agriculture, food processing and general trading sectors such as import-export,” Faisal Tahir Khan, a Saudi-born Pakistani businessman whose family has lived in the Kingdom for the past seven decades, told Arab News.
“At the moment our main platform, the Pakistan Investment Forum [PIF] in Saudi Arabia, is also working to build a Pakistan commercial hub in the Kingdom where we will be bringing the top 100 brands of Pakistan there,” he added.
Remittances sent by overseas Pakistanis are crucial for the country as the nation navigates a tricky path to recovery from a prolonged economic crisis that drained its revenues in recent years.
Pakistan expects to receive more than $35 billion in remittances until the end of this fiscal year in June, with its nationals in Saudi Arabia being top contributors to the country’s economy.
Khan maintained the Kingdom offered a robust investment ecosystem, driven by its Vision 2030 initiative to reduce its oil reliance and transform economy, saying the authorities in Riyadh are promoting equal opportunities for all investors.
Ali Khurshid Malik, another businessman from the Pakistani diaspora in Saudi Arabia, emphasized local companies should not miss the opportunities emerging in the construction sector in the Kingdom with the launch of projects like NEOM City.
NEOM City is a flagship project under Vision 2030, aimed at building a futuristic, sustainable urban hub driven by innovation and technology.
“The NEOM project offers a major opportunity for Pakistani investors in both construction, where Pakistan excels in materials and labor, and in smart city technologies, where its IT sector can play a key role,” he told Arab News.
Malik, who also serves as the finance secretary with PIF, said overseas Pakistanis with businesses in Saudi Arabia could help connect relevant companies in Pakistan, such as those providing construction materials like sanitary supplies, ceramics and marble with Saudi firms.
“There is also a demand for skilled workers, particularly in areas like smart electronics for smart homes,” he noted.
He also pointed out Pakistan needed to improve its certification systems to provide the Kingdom with certified skilled workers, including specialists in electronic modules, electronic systems, as well as electronic and software engineers.
Raja Shahid Raza, a Riyadh-based Pakistani entrepreneur, said the convention would provide a valuable opportunity for overseas Pakistani investors, businessmen and community members to engage directly with government institutions, while also boosting their pride as their contributions are being recognized by the country.
“As the top management of all key institutions that overseas Pakistanis interact with will be present, it will be a great opportunity to voice our concerns and receive direct responses from them,” he said, adding it would also connect different local businesses with the overseas community.
In a statement, Federal Minister for Overseas Pakistanis Chaudhry Salik Hussain said the convention aimed to address expatriates’ issues and recognize their contributions.
He informed the country’s top leadership, including the prime minister and the army chief, will also address the visiting business representatives.
Pakistani businessmen in Saudi Arabia eye investment in key sectors back home
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Pakistani businessmen in Saudi Arabia eye investment in key sectors back home
- These entrepreneurs are visiting Islamabad to attend the three-day Overseas Pakistanis Convention
- Pakistan Investors Forum plans commercial hub in Saudi Arabia to promote top 100 Pakistani brands
In a first, Pakistani corporate dairy farm to make $8.9 million market debut next month
- Ghani Dairies to issue 104.2 million new shares, with most offered via book building
- Company supplies milk to large processors including Nestlé Pakistan and Fauji Foods
KARACHI: Ghani Dairies Limited, a Pakistani corporate dairy farming company, plans to raise about Rs 2.5 billion ($8.9 million) through an initial public offering, in what would be the country’s first listing by a large-scale, automated dairy farm, its advisers said on Tuesday.
The company will issue 104.2 million new shares, representing 24.28 percent of its post-IPO paid-up capital, with 75 percent of the offering allocated through book building and the remainder offered to retail investors, according to a statement by JS Global Capital, the consultant to the issue.
The floor price has been set at Rs 24 per share, and the issue will be fully underwritten.
“This is not just a dairy farm, but a vision for Pakistan’s dairy future,” said Hafiz Avais Ghani, chief executive officer of Ghani Dairies, adding that the company aimed to expand capacity to better serve industrial clients and the broader market.
Ghani Dairies operates a fully automated dairy farm using imported high-yielding cattle and digital herd-management systems, supplying milk primarily to large food and dairy processors.
Its expansion plan includes the import of 1,250 dairy cows, construction of additional milking and heifer sheds, storage facilities and the installation of modern feeding and milking systems.
The company’s customers include Nestlé Pakistan, IRC Dairy, and Fauji Foods, according to the statement.
Khalil Usmani, chief executive of JS Global Capital, said the IPO would give investors exposure to a modern, corporate dairy operation at a time when demand for higher-quality milk and value-added dairy products was rising.
Book building for the offering is scheduled for Feb. 2–3, with the public offering expected to follow on Feb. 9–10, the statement said.
