Day: October 11, 2024

Signing of a Memorandum of Understanding Between AlBaik Food Systems and Gas & Oil Pakistan Ltd (GO) to Explore Opportunities for AlBaik’s Presence in Pakistan

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AlBaik-restaurants

The Saudi Ministry of Investment Supports AlBaik’s Expansion Efforts in the Islamic Republic of Pakistan. In a pioneering step that reflects the Kingdom’s Vision 2030 to enhance national exports and knowledge and open new horizons for Saudi commercial expansion globally, under the patronage of the Saudi Ministry of Investment, a Memorandum of Understanding was signed between the Saudi company AlBaik and the Pakistani company GO. This MoU aims to explore the possibility of establishing a strategic partnership to set up and operate AlBaik restaurants in the Islamic Republic of Pakistan,…

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IPPs Face Share Price Crash as Government Moves to Revoke Power Purchase Agreements

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Power-sector

KARACHI: The share prices of independent power producers (IPPs) in Pakistan have plunged by 13% to 26% over the past three weeks as the government signals plans to prematurely terminate their power purchase agreements (PPAs) to curb rising energy costs. This decision is expected to severely impact the earnings and dividend payouts of these companies. According to Topline Research, concerns over the revision or termination of these agreements have led to significant declines in IPP share prices. The Hub Power Company (HUBC) saw its stock fall by 23% in just…

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Saudi Arabia’s Manara Minerals Set to Acquire Stake in Pakistan’s Reko Diq Gold and Copper Mine

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Reko-Diq

Saudi Arabia’s Investment Minister, Sheikh Khalid Bin Abdul Aziz Al Faleh, announced on Thursday that Manara Minerals, a company backed by Saudi Arabia’s sovereign wealth fund, is poised to acquire a stake in Barrick Gold’s Reko Diq project in the coming weeks. Reko Diq, one of the world’s largest untapped copper and gold reserves, is a key asset in Pakistan’s Balochistan province. Currently, Barrick Gold holds a 50% stake in the Reko Diq mine, with the remaining shares divided between the federal and provincial governments of Pakistan. This new partnership…

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Pakistan and Saudi Arabia Strengthen Economic Ties with $2.2 Billion MoUs Across Multiple Sectors

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Saudi-Arabia

Islamabad, Pakistan — Pakistan and Saudi Arabia solidified their strategic partnership with the signing of 27 Memorandums of Understanding (MoUs) valued at $2.2 billion. These agreements span a wide array of sectors, including industry, agriculture, IT, education, health, petroleum, mining, energy, and food. The MoUs were signed during a high-profile visit by Saudi Arabia’s Minister of Investment, Sheikh Khalid Bin Abdul Aziz Al Faleh, who led a business delegation to Islamabad. The signing ceremony was attended by Prime Minister Shehbaz Sharif, Chief of Army Staff (COAS) General Asim Munir, and…

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