ISLAMABAD: ‌A joint council of Saudi Arabian and Pakistani ​investors launched a private equity fund on Monday as part of the countries’ wider push to deepen two-way private sector ‌trade and ‌investment.

The Saudi-Pakistan ​Joint ‌Business ⁠Council, ​formed by ⁠the governments of both countries, said the fund’s initial size is “multi-hundred million,” which is expected ⁠to expand based on opportunities ‌across ‌sectors.

Three-fourths of ​the fund ‌will be invested ‌in Pakistan, while the rest will be invested in Saudi Arabian projects, ‌the council said in a statement.

The launch of ⁠the ⁠fund comes at a time when Islamabad and Riyadh are deepening longstanding ties, especially in defense, amid few signs of a breakthrough in the months-long US-Iran conflict.