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November 01 , 2024

 

Saudi Investment in Pakistan Climbs to $2.8 Billion, Aramco Opens First Gas Station

By Steven Ganot

Riyadh: Saudi Arabia has boosted its investment in Pakistan to $2.8 billion, with new business agreements and the launch of Saudi oil giant Aramco’s first gas station in Pakistan. Saudi Minister for Investment Khalid A. Al-Falih announced Wednesday that the number of memorandums of understanding between Saudi and Pakistani businesses grew from 27 to 34 over the past few weeks, increasing the total investment from $2.2 billion.

Prime Minister Shehbaz Sharif, after meeting Saudi Crown Prince Mohammed bin Salman, praised the Future Investment Initiative forum, a key platform for Saudi-Pakistani business cooperation.

Al-Falih also emphasized that Saudi Arabia aims to expand its skilled workforce from Pakistan, especially in health care, and explore collaborations with Pakistani tech firms on artificial intelligence projects. Pakistan, already a primary source of Saudi Arabia’s remittances, stands to benefit from these increased economic exchanges as the country seeks to stabilize its foreign reserves and meet balance of payments obligations.

In a recent move toward market expansion, Aramco inaugurated its first gas station in Lahore, following its acquisition of a 40% stake in Gas and Oil Pakistan Limited. This partnership aims to provide high-quality fuel options and expand Saudi involvement in Pakistan’s retail fuel industry. - The Media Line

Courtesy The Media Line

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