KARACHI – Saudi investor Prince Mansour bin Mohammed Al Saud has signed an agreement to acquire a controlling share in K-Electric (KE), marking a significant step in Saudi Arabia’s expanding interest within Pakistan’s energy sector.
The agreement follows the exit of Shanghai Electric Power, a Chinese firm, which had previously planned to acquire a majority stake in K-Electric for $1.77 billion.
The deal was delayed and eventually scrapped, reportedly due to persistent regulatory challenges and changing market conditions.
The Memorandum of Understanding (MoU) was signed by Prince Mansour and Shehryar Chishti, CEO of AsiaPak Investments, a day earlier at the Sindh Chief Minister’s House. This acquisition represents one of the largest investments from Saudi Arabia into Pakistan’s power sector and is seen as a testament to Riyadh’s growing involvement in the region’s energy markets.
K-Electric is the only private utility in Pakistan that operates as a vertically integrated entity, providing electricity to over 3.4 million consumers in Karachi and surrounding areas.
The deal comes at a crucial time for Pakistan, which is actively seeking foreign investment to improve its energy infrastructure, stabilize its power supply, and rebuild investor confidence amid complex regulatory challenges.
Both the governments of Pakistan and Saudi Arabia have expressed their support for the agreement, calling it a key milestone in strengthening economic ties between the two nations.
