Saudi prince visits Karachi, expresses interest in investment

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Chairman of the Saudi-Pak Joint Business Council Prince Mansour bin Mohammad bin Saad Al Saud was all smiles as his motorcade entered Governor House, Karachi.

Young scouts showered rose petals and the air was filled with the fragrance of Oud to welcome Saudi dignitaries.

The 30-member delegation was warmly greeted by Sindh Governor Kamran Tessori who introduced them to the leading industrialists and businessmen of Karachi, all lined up to receive them.

A flag hoisting ceremony was held, followed by a march past by the bands of Pakistan Army, navy and the air force. They played ceremonial tunes of patriotic songs and saluted the guests. It was such a captivating scene that the visiting delegates filmed it from their mobile phones.

Sindh Governor Tessori expressed his deep admiration for Saudi King Salman bin Abdulaziz Al Saud and lauded the vision of Crown Prince Mohammad bin Salman (MBS).

He also thanked the Saudi envoy for organising this visit. Governor Tessori described Nawaf bin Said Al-Malki as the ambassador of both countries as he has always “conducted diplomacy in a meticulous way for the benefit of both nations”. 

Sindh governor said that Pakistan was ready to make every effort for increasing foreign direct investment.

“Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir have instructed federal and provincial authorities to do all in their capacity to facilitate Saudi investors. And SIFC is a glimpse of that commitment”, remarked Sindh governor.

Prince Mansour said that, “We would like to thank Pakistani authorities for the approval of free trade agreement with the Gulf states. And we are looking forward to the signature on that agreement. It will increase economic ties, contribute to the security of the investment and reflect on the prices of the commodities as well”.

For this grand reception, the Governor House was lit up by stunning crystal chandeliers and tall trees were decorated with colourful lights. A number of portraits of the Saudi royal family were installed across the corridor leading to the main hall. Prince Mansour and the Saudi ambassador to Pakistan were pleasantly surprised to find their own portraits as well.

Inside the hall, Pakistan Navy gave a detailed presentation about Pakistan International Maritime Expo & Conference (PIMEC) which is going to be held from 3rd to 6th November in Karachi. PIMEC was presented as the gateway to Pakistan’s rising Blue Economy and the future of regional maritime trade.

The guests were informed that the upcoming event will provide an ideal platform for G2B & B2B interaction and negotiations with the target customers and decision makers.

“PIMEC intends to provide a foundation to bring together stakeholders from diverse maritime industries of hydrocarbon extraction, coastal development, shipping port, infrastructure, fisheries, marine tourism, offshore renewable energy, aquaculture, seabed mining, maritime biotechnology, etc. to exploit untapped resources of Blue”.

Chairman Association of Builders and Developers (ABAD) Hassan Bakshi outlined how this body is promoting the housing industry in Pakistan. Members of the Saudi delegation expressed huge interest in entering into joint ventures to develop major infrastructure projects.

The Saudi delegation also expressed their willingness to establish electric vehicle industries and world-class educational institutions.

The co-organisers of PIMEC, Zohair Naseer highlighted how Karachi Tape Ball League is generating enthusiasm in young citizens and has garnered support from legendary cricketers like Javed Miandad, Sadiq Mohammad, Haroon Rasheed and Tauseef Ahmed.

The prince was jubilant as he excitedly watched some clips of KTBL on a big screen. The attendees burst into laughter as the prince acknowledged his interest in cricket and how he was ready to promote this game in Saudi Arabia. Another delegate admitted that he is a big fan of Babar Azam.

Before heading to another engagement, Prince Mansour graciously gave Kiswah (Ghilaf-e-Kaaba) to Sindh Governor who in return presented a painting of the names of Prophet Mohammed (Peace Be Upon Him) and His Family.

The Saudi delegation also enjoyed watching fire acrobatics. The young dancers performed fire breathing on the tunes of Saudi music. It was a mesmerising combination of both folk cultures.

Earlier, the Saudi delegation met Sindh Chief Minister Syed Murad Ali Shah at CM House. CM Shah said that Sindh’s investable portfolio has exceeded $5 billion.

He invited Saudi investment across key growth sectors, including agriculture, livestock, minerals and mining, infrastructure, energy, and food security.

Both sides agreed to form joint working groups in priority sectors to “ensure targeted and sustainable progress”.

“We are looking forward to be part of Pakistan’s economy especially in gas and power, mining, health and education sectors. We know that Pakistan has a lot of opportunities”, stated Prince Mansour.

According to a communiqué issued by the CM House, on this occasion, “two Memorandums of Understanding (MoUs) were signed.”

The first MoU was signed for the sale and purchase of shares in KES Power Ltd. The second MoU was signed between K-Electric Limited and Trident Energy Ltd to explore strategic cooperation and investment opportunities in Pakistan’s power sector.

The prince apprised that the Saudi delegation is equally interested in the tourism industry and has deep interest in Pakistan’s coastal line especially that of Karachi as here “the potential is very high”.

“We will also think about how to go about privatisation of entities that belong to the government like ports, airports”, concluded Chairman of the Saudi-Pak Joint Business Council.

His Royal Highness is heading for Lahore — the last leg of his tour, before returning to Saudi Arabia with strong commitments to invest in Pakistan.