Islamabad says Saudi Wafi Energy considering $100 million investment to expand Pakistan operations

Pakistan Finance Minister Muhammad Aurangzeb meets a delegation of Wafi Energy Pakistan at the Finance Division in Islamabad, Pakistan, on February 2, 2026. (@Financegovpk/X)
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Updated 02 February 2026
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Islamabad says Saudi Wafi Energy considering $100 million investment to expand Pakistan operations

  • Wafi Energy, an affiliate of Saudi Arabia’s Asyad conglomerate, became majority shareholder of Shell Pakistan Limited in 2024
  • Investment to expand retail and storage infrastructure, modernize operations and pursue technology-driven initiatives

ISLAMABAD: Saudi Arabia’s Wafi Energy Pakistan company is considering a potential investment of $100 million over the next two to three years to expand its retail infrastructure, modernize operations and pursue digitization initiatives in Pakistan, the Finance Division said on Monday. 

Wafi Energy, an affiliate of the Saudi Asyad conglomerate, became the majority shareholder of one of the country’s oldest multinationals, Shell Pakistan Limited (SPL), in November 2024.

Pakistan Finance Minister Muhammad Aurangzeb met a delegation of Wafi Energy Pakistan at the Finance Division on Monday, reaffirming Islamabad’s commitment to macroeconomic stability, enhanced investor confidence and stronger foreign exchange buffers. 

“The Wafi Energy Pakistan delegation shared its confidence in Pakistan’s economic outlook and indicated that the company is considering potential investment of up to USD 100 million over the next two to three years,” the Finance Division said.

It added that the investment would be used to expand Wafi Energy Pakistan’s retail and storage infrastructure, modernize operations and pursue technology-driven improvements, including digitization initiatives. 

The delegation also stressed the importance of a stable, transparent and predictable policy framework to support long-term investment in the energy sector. It welcomed continued engagement with the Pakistani government. 

“The finance minister reaffirmed the government’s focus on reforms, privatization, digitization and public-private partnerships, while noting that ongoing strategic engagement with international partners will continue to strengthen economic cooperation and investor confidence,” the statement added. 

Aurangzeb also referred to Pakistan’s ongoing high-level strategic engagement with international partners, including Saudi Arabia, noting that such engagements provide valuable platforms to strengthen economic cooperation and investment ties. 

Wafi Energy has two retail stations in Pakistan’s Karachi and Rawalpindi cities. It takes particular interest in green initiatives, building a 730-foot plastic road outside its Karachi head office with 2.5 tons of waste lubricant bottles. 

Its retail site in Rawalpindi was built using 7,700 kilograms of plastic waste, equivalent to more than 5.8 million pieces of end-of-life plastics, infused into construction materials. 

Last week, Wafi Energy Pakistan announced it had signed an agreement with Hyundai’s official manufacturing partner in Pakistan to supply premium lubricants for the company’s vehicles. 


Pakistan to auction 5G spectrum tomorrow ahead of phased rollout in major cities

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Pakistan to auction 5G spectrum tomorrow ahead of phased rollout in major cities

  • 5G services will initially begin in Islamabad, Lahore, Karachi, Peshawar and Quetta
  • Regulator will auction 11 bands to Ufone, Zong and Jazz via electronic bidding system

ISLAMABAD: Pakistan will hold an auction for 5G spectrum tomorrow, Tuesday, as the government prepares to launch next-generation mobile services in five major cities in bid to improve Internet speeds and connectivity, top officials said on Monday.

The development comes at a time of mounting pressure on Pakistan’s telecommunication networks and Internet service providers, with users and businesses frequently complaining of slow speeds and disruptions as a limited spectrum struggles to serve the South Asian nation of over 240 million.

Pakistan has more than 130 million broadband connections but access remains uneven, though its IT exports reached a record $3.8 billion in Fiscal Year 2024–25, up from $3.2 billion the previous year, marking an 18 percent year-on-year increase, according to the Pakistan Software Export Board.

The 5G spectrum auction will begin at 10am on Tuesday through an electronic system at the Pakistan Television headquarters, according to Pakistan Telecommunication Authority’s (PTA) Director-General for Licensing Aamir Shahzad.

“In the first phase, six spectrum bands will be auctioned among mobile network operators Ufone, Zong and Jazz, followed by bidding for five additional bands until 4pm,” he said at a briefing in Islamabad.

PTA Chairman Hafeez-ur-Rehman said a mock trial had already been conducted and all three telecom operators had been briefed on the bidding process.

The auction will not follow an open bidding format as each spectrum band would be auctioned separately, according to officials. The government expects the launch of 5G services to improve digital connectivity without increasing costs for consumers.

“The introduction of 5G will not raise data prices and there will be no additional burden on consumers,” the PTA chairman said.

IT Minister Shaza Fatima Khawaja said the government was encouraging wider adoption of 5G-compatible devices in Pakistan.

“Our aim is that as many people as possible use 5G mobile phones,” she said, adding that about 95 percent of mobile phones in Pakistan are locally manufactured.

According to officials, 5G services will initially be rolled out in Islamabad, Lahore, Karachi, Peshawar and Quetta, before expanding nationwide as the infrastructure develops.

Khawaja said Pakistan currently uses 274-megahertz spectrum which has been in use since 1987, and the upcoming auction will make a 600-megahertz spectrum available.

She said the auction would be conducted through specialized software and streamed live to ensure transparency.

PTA DG Licensing Shahzad said Pakistan currently has one of the lowest spectrum allocations in the region, and the government has prepared a nine-year plan for complete 5G rollout.

Under the plan, telecom operators will add around 3,000 new network sites each year, with initial 5G speeds expected to reach 50 megabits per second (Mbps).

PTA officials also said Pakistan currently offers some of the world’s cheapest mobile data services and assured that consumer protection would remain a priority.

Around 500,000 5G-enabled mobile phones have been produced in Pakistan in recent months, while five local manufacturers have already started producing more such devices, they added.