Saudi fast food giant AlBaik eyes Pakistani market after MoU
- Food chain signs memorandum of understanding with Gas & Oil Pakistan Ltd (GO)
Saudi fast food chain giant AlBaik has shown preliminary interest in entering the Pakistani market, as the brand signed a memorandum of understanding (MoU) with Gas & Oil Pakistan Ltd (GO) that was recently acquired by the Gulf country’s oil giant Aramco, Business Recorder learnt on Friday.
The MoU aims to explore the possibility of establishing a strategic partnership to set up and operate AlBaik restaurants in Pakistan, as part of the company’s expansion strategy in the country, according to a statement.
The signing ceremony took place under the patronage of His Excellency, the Minister of Investment, Engineer Khalid Al-Falih, and in the presence of Pakistan Prime Minister Shehbaz Sharif as well as General Syed Asim Munir, NI (M), Chief of Army Staff of Pakistan and a high-level delegation from both Saudi Arabia and Pakistan.
A high-level delegation of Saudi investors, led by Minister of Investment Khalid bin Abdulaziz Al-Falih, arrived in Pakistan on Wednesday on its three-day visit.
The two countries signed 27 MoUs valuing $2.2 billion in various sectors including industry, agriculture, information technology (IT), food, education, mine & minerals, health, petroleum, energy, and other areas of mutual cooperation.
GO is an Oil Marketing Company (OMC) in Pakistan, having a network of over 1,200 retail outlets in the country providing petrol, diesel, and lubricants, according to the information given on its website.
Earlier this year, Saudi Aramco, the world’s largest integrated energy and chemicals company, acquired 40% stake in GO Pakistan, making its significant downstream retail investment in Pakistan and signaling the company’s growing retail presence in high-value markets.
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