Saudi and Pakistani investors launched a joint private equity fund on Monday aimed at boosting private-sector trade and investment between the two countries. The fund was set up by the Saudi-Pakistan Joint Business Council (SPJBC), a body formed by both governments.
According to the council's statement, the fund starts at a size of several hundred million dollars and is expected to grow as opportunities emerge across sectors. Three-quarters of the money will be invested in Pakistan, and the remaining quarter in projects in Saudi Arabia.
The launch comes as Islamabad and Riyadh deepen long-standing ties, particularly in defence and the economy. In October, SPJBC chairman Prince Mansour bin Mohammad Al Saud led a high-level Saudi business delegation to Pakistan, meeting political leaders, chambers of commerce and major business groups.
The same delegation called on Prime Minister Shehbaz Sharif in August, when he said Pakistan wanted to turn its economic relationship with Saudi Arabia into a mutually beneficial strategic partnership.