Islamabad, Nov 9 (PTI) Pakistan and Saudi Arabia launched a joint equity fund on Monday to promote investment in both

Islamabad, Nov 9 (PTI) Pakistan and Saudi Arabia launched a joint equity fund on Monday to promote investment in both

Islamabad, Nov 9 (PTI) Pakistan and Saudi Arabia launched a joint equity fund on Monday to promote investment in both

Islamabad, Nov 9 (PTI) Pakistan and Saudi Arabia launched a joint equity fund on Monday to promote investment in both countries, according to official media.

    The Saudi-Pakistan Joint Business Council (SPJBC), formed by the governments of both countries, took the initiative when both countries sought to deepen economic relations.

    Saudi and Pakistani “investors have launched a private equity fund with an initial size of several hundred million dollars to boost bilateral trade and investment,” state-run Pakistan Television (PTV) said in a brief report on X.

    “The Saudi-Pakistan Joint Business Council said the fund could expand further based on investment opportunities across various sectors,” the state broadcaster said.

    It has been decided by the council that three-fourths of the fund will be invested in ‌Pakistan and the remaining in Saudi Arabian projects, showing the preference to support investment in Pakistan.

    The two countries have been trying to deepen their ties and have signed a trilateral defence deal along with Turkiye to support each other in case of an attack by a third country.

    Pakistan and Saudi Arabia enjoy traditional economic ties. The latest initiative is expected to further promote these links, officials said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)