Three leading business groups of Saudi Arabia including Al-Tawairqi, Hubco and Al-Bakri International have shown interest in expanding investment in Pakistan’s energy, steel and pharmaceutical sectors.
The chief executives of the Saudi business giants evinced their readiness for enhancing investment in various fields for accelerating the pace of economic development in Pakistan during their separate meetings with the Caretaker Prime Minister Muhammadmian Soomro on Sunday.
The Al-Tawairqi Chief Executive, M Tariq Barlas, Hubco Chairman Muhammad Ali Reza and Al-Bakri Chief Abdul Qadir met Prime Minister Soomro and showed interest in investment in Pakistan.
Reposing confidence in Pakistan’s investment-friendly policy, the Al-Tawairqi CEO showed immense interest in making investment in the coal based power projects in Pakistan. The PM said the government appreciated investment and expansion plan of the Al-Tawairqi group in producing high-quality steel.
He expressed the confidence that a plan of enhancing investment in Pakistan would boost the economic development activities. The Hubco chairman said his company was examining to set up a hospital of international standard in Pakistan.
He said already investment had been made for setting up gas distribution depots in Pakistan. He said the country seriously required to revise the whole pattern of energy production through alternative means for overcoming the energy shortage.
Abdul Qadir observed that Pakistan was a land of opportunities for investment with tremendous potential of development in different sectors. The Al-Tawairqi group of companies, one of the leading Saudi business concerns, is scheduled to complete the first phase of its state-of-the-art steel plant at a cost of $197 million by the mid of the next year (2009).
The production capacity of the plant can be expanded from 1.28 million tons to 1.5 million tons per annum in near future. Five mega steel projects of the group are in progress in Dammam, Jeddah, Sharjah and Karachi.
The joint business company will also invest $300 million for setting up of Melt Shop in phase-II of the plant in Pakistan. Meanwhile, Caretaker Prime Minister Muhammadmian Soomro performed Umrah and prayed for the progress, prosperity and strength of Pakistan and the unity of the Muslim Ummah.
The PM, along with his entourage comprising ministers, senators and business executives, arrived from Sanaa, Yemen, after holding important parleys with his Yemeni counterpart Dr Ali Muhammad Mujowwar.
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