The sovereign wealth fund of Saudi Arabia, Public Investment Fund, one of the world’s largest funds has invited top Pakistani businesses to explore investment opportunities in the Kingdom.

“PIF officials have invited Pakistani premier institutions like major banks, insurance companies, telecommunication operators, cement manufacturers, and construction companies to explore and benefit from existing lucrative business opportunities in the kingdom,” said Azhar Ali Dahar, Minister for trade and investment at the Pakistani embassy in Riyadh, quoted Arab News.

As per the PIF statement, “the Public Investment Fund is seeking to become a leading global impactful investor in line with the objective of Vision 2030 and to drive the economic transformation of Saudi Arabia, through active long-term investments.”

Meanwhile, Dahar informed that Saudi Arabia invests around $10 billion yearly on the development of infrastructure, under the Kingdom’s ambitious Vision 2030, however, no major Pakistani company was among the beneficiaries of these investment opportunities.

Dahar said that the trade mission will facilitate Pakistani businesses in arranging meetings with PIF officials. “They can bring initial investment and with the help of the fund, they can start their manufacturing process within just three months,” said Dahar.

He said that Pakistani businesses can initiate manufacturing in Saudi Arabia by availing of incentives offered by the KSA government and then send remittances to their homeland.