ISLAMABAD: President Asif Ali Zardari this week stressed the need to convert Pakistan’s historic relations with Saudi Arabia into stronger economic partnerships, his office said, underscoring the importance of promoting investment between the two nations.

Zardari’s comments came during his visit to the Saudi-Pakistan Real Estate Exhibition in Pakistan’s eastern city of Lahore on Thursday. The three-day exhibition opened in Lahore at Lake City on Oct. 21 and brings together stakeholders from both countries to explore investment opportunities and strengthen bilateral cooperation in the sector. As Saudi Arabia opens up property investment and ownership prospects to foreign buyers, the exhibition provided a chance for Saudi developers to pitch to prospective buyers in Pakistan.

The exhibition takes place amid growing efforts by both sides to strengthen economic ties, with real estate and property development emerging as potential areas for cross-border investments.

“Speaking on the occasion, the president emphasized the importance of translating the longstanding and fraternal relations between Pakistan and Saudi Arabia into stronger economic partnerships, increased investment and mutually beneficial business opportunities,” Zardari’s office said on Wednesday.

Zardari reiterated that Saudi Arabia has always stood firmly with Pakistan through difficult times, reflecting the enduring friendship and strategic partnership between the two countries. He appreciated the organizers’ efforts to bring Pakistani and Saudi business communities together, observing that such initiatives can help open new avenues for foreign direct investment, encourage private-sector collaboration and foster long-term economic partnerships.

“He noted that the participation of prominent Saudi business and investment groups in the expo reflect growing opportunities for cooperation and can contribute to a new phase of development through investment, enterprise and joint ventures,” the statement said. “He also underscored the importance of providing a supportive and investor-friendly environment to facilitate foreign investment in Pakistan.”

The president’s office said Saudi companies participating in the three-day expo include Safa Investment, Knowledge Economic City, Sumou Investment, Al-Majidiya, Ulo Real Estate, Al-Diyar Al-Arabiya, Bin Daood Investment and International Gate Investment.

These companies are exploring potential investment opportunities in Pakistan, while showcasing projects in Makkah and Madinah to attract Saudi investors and promote greater cross-border investment. The exhibition also features pavilions of prominent Saudi real estate and investment companies, with participation from Prince Mansour bin Mohammed Al Saud, chairman of the Saudi-Pakistan Business Council, which is one of the organizers of the event, and Abdul Aziz Al-Ashrafi, the council’s vice chair.

Saudi Arabia has undertaken massive infrastructure expansion as part of its Vision 2030 initiative that is intended to cut the Kingdom’s reliance on oil by developing health, education, recreation, tourism and real estate sectors.