ISLAMABAD: Saudi Arabia-based Falcon Vision Group is exploring investment opportunities worth up to $10 billion in Pakistan across multiple sectors, according to Pakistan’s board of investment chairman after meeting executives from the company this week.
Pakistan has been seeking to attract foreign investment, particularly from Gulf countries, as it looks to strengthen its economy under an International Monetary Fund-backed reform program. The government has identified mining, energy, agriculture, information technology and infrastructure among priority sectors for overseas investors, while offering incentives through Special Economic Zones and the Special Investment Facilitation Council (SIFC).
While Saudi Arabia has announced several potential investments in Pakistan in recent years, progress on many large projects has been slower than initially expected, making expressions of investor interest closely watched by policymakers.
“Saudi investors are actively exploring opportunities in Pakistan and up to $10 billion has been earmarked for potential investments in various sectors,” Muhammad Tariq Ghous, vice chairman and president of Jeddah-based Falcon Vision Group, told Board of Investment Minister Qaiser Ahmed Sheikh during a meeting in Islamabad, according to a government statement.
Sheikh welcomed the company’s interest and said the Board of Investment would provide “full facilitation” to investors, describing it as a vote of confidence in Pakistan’s investment climate.
According to the statement, Falcon Vision, a diversified business group headquartered in Jeddah, has interests in infrastructure, construction, technology and industrial sectors.
The minister said Pakistan’s Special Economic Zones offer incentives including tax exemptions and duty-free imports of plant and machinery, while Business Facilitation Centers were established to streamline investment approvals through a single-window system.
He also said Pakistan allows full repatriation of profits for foreign investors and acknowledged that challenges including energy costs and regulatory procedures remained, adding that the government was working to address them.
The meeting also discussed proposals related to real estate, technology zones and tourism projects, including a proposed Special Technology Zone and a tourism development near the ancient city of Taxila, according to the statement.
